Overview
When working with borrowers, especially first-time homebuyers, you'll often need to show how different loan programs affect their payment and cash to close. Instead of building each scenario from scratch, Deal Details lets you change the loan program type directly within Edit Key Metrics. The system automatically adjusts LTV assumptions and prompts you for program-specific details, making side-by-side comparisons effortless.
Before You Start
Requirement | Details |
Existing scenario | Have at least one completed scenario with pricing in your deal |
PMI/MI details | For conventional loans, ensure PMI is already configured |
Current rates | Know the interest rates for each loan program you want to compare |
Step-by-Step: Switching Loan Programs
1. Open Edit Key Metrics
From your active scenario, click Edit Key Metrics
This opens the quick-edit panel where you can modify core loan parameters
2. Select the New Loan Program
Loan Program | Auto-Applied Settings |
HomeReady/Home Possible | 97% LTV (conventional high-LTV) |
FHA | 96.5% LTV with FHA mortgage insurance |
VA | 100% LTV with funding fee prompt |
Use the loan program dropdown to select your new program type
Watch for automatic LTV adjustments based on the program selected
3. Enter the New Interest Rate
Update the interest rate field to reflect current pricing for the selected program
The system recalculates payment and cash to close instantly
⚠️ Important: Each loan program typically has different rate pricing. Always enter the accurate rate for the specific program to give your client a true comparison.
4. Handle Program-Specific Prompts
When switching to VA loans, the system asks about the funding fee:
VA Funding Fee Option | When to Select |
First-time use | Borrower has never used VA loan benefit |
Subsequent use | Borrower has previously used VA loan benefit |
Click Save after making your selection.
Saving Your Comparison Scenarios
1. Review the Updated Numbers
Verify the new interest rate, monthly payment, and cash to close figures
Confirm the LTV and loan program display correctly
2. Save as a New Scenario
Click Save as New Scenario (not just Save, which would overwrite)
Name the scenario clearly (e.g., "FHA" or "VA")
Add the rate to the scenario name if helpful for client presentations
Quick Reference
Edit Key Metrics → Change Loan Program → Enter Rate → Handle Prompts → Save as New Scenario → Repeat for Each Program
Tips for Success
Start with the most complex scenario—build your conventional or HomeReady scenario first with all PMI details, then switch programs to create alternatives
Name scenarios by program type—clear naming like "Conventional 97%", "FHA", and "VA" helps clients understand their options at a glance
Compare first-time buyer options together—97% conventional (HomeReady/Home Possible) vs. FHA is a common comparison for first-time buyers since both serve similar down payment situations
Watch the cash to close—even with a lower rate, FHA or VA may show different cash requirements due to funding fees or upfront mortgage insurance
Related Topics
Creating Your First Scenario
Understanding PMI Configuration
Comparing Scenarios Side by Side
VA Funding Fee Calculator
FHA Mortgage Insurance Premiums