Disaster Declaration for the State of Tennessee
June 23, 2025
Disaster Declaration for the State of Mississippi FEMA Notice Date: June 19, 2025 On June 19, 2025, the Federal Emergency Management Agency (FEMA) declared that
GUIDELINE UPDATES | ||
Program | Change | Lock By Date |
FHA | Decreasing minimum qualifying fico from 640 to 600 for all AUS approved purchase a rate and term transactions | NA |
FHA | Decreasing minimum qualifying fico from 640 to 620 for all manually underwritten purchase and rate and term transactions | NA |
FHA | Increasing the minimum qualifying fico from 640 to 680 on all manually underwritten cash out transactions | 4/17/2020 |
FHA | Removing Manufactured homes as an eligible property type for all FHA products | 4/17/2020 |
FHA | 0x30 mortgage payment history Required for the following: | 4/17/2020 |
FHA | Removing Investment as an eligible occupancy type on all Streamline transactions | 4/17/2020 |
FHA | Adding reserve requirements for all manually underwritten loans | 4/17/2020 |
FHA | Adding maximum ratios on any FHA Manually underwritten loan at 31/43% | 4/17/2020 |
FHA | Minimum FICO for Georgia State is 680 | 4/17/2020 |
FHA | Limiting the LTV/CLTV on Streamlines to 97.75% | 4/17/2020 |
FHA | Texas 50(a)6 transactions is ineligible | 4/17/2020 |
FHA | Limiting Cash out transactions to 1 unit properties only | 4/17/2020 |
VA | Decreasing minimum qualifying fico from 640 to 620 for all VA Purchase & IRRRL transactions up to $1mm Loan Amount | NA |
VA | Decreasing minimum qualifying fico from 660 to 640 for High Balance Cash Out transactions | NA |
VA | Increasing max LTV on Loan amounts over $1.0mm to 100% for Purchase transactions | NA |
VA | Increasing minimum qualifying fico from 640 & 680 to 720 for loan amounts over $1mm | 4/17/2020 |
VA | Adding maximum ratio on any VA Manually underwritten loan at 41% | 4/17/2020 |
VA | Adding Texas 50(a)6 transactions as ineligible | 4/17/2020 |
VA | Reserve Required for all VA loans when utilizing rental income for qualifying | 4/17/2020 |
VA | Adding maximum DTI for all credit qualifying streamlines at 41% | 4/17/2020 |
VA | 0x30 mortgage payment history Required for the following: | 4/17/2020 |
VA | Adding minimum fico in the state of George at 680 | 4/17/2020 |
VA | Removing the ability to allow manual underwrites on loan amounts over $1mm | 4/17/2020 |
VA | Removing the ability to cash out transactions over 90% LTV | 4/17/2020 |
VA | Removing Investment as an eligible occupancy type on all IRRRL transactions | 4/17/2020 |
VA | Removing Manufactured homes as an eligible property type for all VA products | 4/17/2020 |
USDA | Decreasing minimum qualifying fico from 640 to 600 for Purchase and R/T Refi | NA |
USDA | Decreasing minimum qualifying fico from 640 to 620 for Streamline Refi | NA |
USDA | Adding minimum fico in the state of Georgia at 680 | 4/17/2020 |
USDA | Adding restriction that there can be no major credit events within last 36 months | 4/17/2020 |
USDA | Capping DTI to 29/41, regardless of GUS Findings | 4/17/2020 |
USDA | Removing the ability to allow Manual Underwrites on all USDA Products | 4/17/2020 |
USDA | Adding a restriction that borrower cannot have any mortgage lates within last 12 months | 4/17/2020 |
USDA | Adding a restriction that there can be no new secondary financing nor can any existing subordinate liens remain | 4/17/2020 |
Chenoa | Increasing the minimum credit score from 640 to 680 | NA |
Chenoa | Removing Manufactured Homes and 2 unit properties as eligible property types | NA |
Chenoa | Adding 2 months PITIA reserves for all Self Employed borrowers | NA |
Chenoa | Increasing the AMI percentage from 115% to 135% for our Rate Advantage program | NA |
CALHFA | Increasing minimum qualifying fico from 640 to 680 across the board | NA |
CALHFA | Increasing the minimum credit score on CalHFA Conventional from 660 to 680 when income is below HomeReady’s AMI limit | NA |
CALHFA | Removing Manufactured Homes for all CalHFA products | NA |
CALHFA | Removing the ability to allow Manual Underwrites on all CalHFA Gov’t products | NA |
CALHFA | Adding 2 months PITIA reserves for all Self Employed borrowers for all CalHFA products | NA |
Disaster Declaration for the State of Mississippi FEMA Notice Date: June 19, 2025 On June 19, 2025, the Federal Emergency Management Agency (FEMA) declared that
Disaster Declaration for the State of Mississippi FEMA Notice Date: May 21, 2025 On May 21, 2025, the Federal Emergency Management Agency (FEMA) declared that
Disaster Declaration for the State of Oklahoma FEMA Notice Date: May 21, 2025 On May 21, 2025, the Federal Emergency Management Agency (FEMA) declared that
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