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How to Set Up an FHA 203K Loan and Generate the Maximum Mortgage Worksheet in SphereLOS

Step-by-step instructions for setting up an FHA 203K loan in SphereLOS and producing the Maximum Mortgage Worksheet to determine the allowable loan amount.


Set up FHA 203K 

  1. Log in to SphereLOS. From the Dashboard or Pipeline, find and open the FHA loan you want to work on.
  2. Within the loan file, go to Loan Additional >Government Data.
  3. Click the Edit Pencil.  Then go to the Section of the Act Type, choose 203K or 203K251, then click Save.
  4. The FHA 203K section is now available under Government Data. Click the Edit Pencil and complete the applicable fields.

  5. Click Save when all the applicable fields are completed.

💡 Note:

  • The As Is Amount comes from Loan & Property → Loan Information and is read-only in the FHA 203K section.
  • Before generating the FHA 203(k) Maximum Mortgage Worksheet, make sure the appraisal value in Loan & Property is set to the As Is amount. This ensures the worksheet calculates the correct maximum loan amount.
  • After generating the worksheet, update the appraisal value to As Complete so the system calculates the correct LTV and CLTV.
  • For purchase loans, leave C4 Required Adjustment (Note 4) blank unless instructed—entering a value may cause double-counting and incorrect results.

Update File with Calculated Data

  • Click Set Calculated Data to update B14 Total Rehabilitation Cost and Base  Mortgage Amount to the file.
  • Click Yes to proceed, or No to go back.

To get the worksheet PDF:

  • Go to Actions → Other Actions → Print Forms.
  • Search 203K.
  • Select 203(k) and Streamlined (k) Maximum Mortgage Worksheet [130].
  • Click Preview Document.

If you have any questions or need assistance. Please don’t hesitate to reach out to our support team-support@spherelos.com. We are here to help.