News & Announcements

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:
Manual Underwrites
Transactions with qualifying score below 640

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
1-2 units- 1 month PITIA
3-4 units- 3 months PITIA

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
6 months PITIA when subject is 2-4 units
3 months PITIA when utilizing rents from non subject property

4/17/2020

VA

Adding maximum DTI for all credit qualifying streamlines at 41%
Maximum DTI can exceed 41% but not 50% if residual income is greater than 120% of VA residual income guidelines

4/17/2020

VA

0x30 mortgage payment history Required for the following:
Manual Underwrites
Transactions with a qualifying score below 640

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

 

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