Our Secondary Mortgage Department is originating a USDA loan for one of our OREOs. The software they use does not create a TIL with Total Sale Price so we have to calculate it manually. Is the following correct?


Cash Price $140,000.00
Finance Charge (from the TIL) $108,465.44
Amounts financed/not part of FC $0.00
Total Sale Price $248,465.44

The only fee being financed is the USDA Guarantee Fee, however, this fee is a finance charge so it should not be included in the "Amounts financed/not part of FC". All other costs associated with the loan are being paid in cash by the borrower.

Is this correct?

You must also include any downpayment the borrower paid.

There was no down payment for this loan...so would the calculation be correct?

But if there were, would it only be itemized in the Total Sale Price box, or would it be itemized and added to the cash price/amounts financed-not FC/finance charge from the TIL?

The total sales price is simply the amount financed from the TIL plus the finance charge from the TIL plus any down payment from the borrower.

As far as I know, there isn't a Reg Z requirement to itemize the amount of the down payment anywhere other than including it in the Total Sales Price figure in the Fed Box.