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 |
Stocks opened lower as more companies post earnings amid low expectations due to the coronavirus pandemic. Over 75% of S&P 500 companies have now reported second quarter earnings with durable goods makers leading the index lower.
Stocks opened higher at the U.S. reported it lowest number of new infections in nearly four weeks. A total of 47,000 new coronavirus cases were reported after record numbers of infections were recorded during the month of July.
Stocks edged higher following positive results from the largest tech companies’ quarterly earnings reports. Shares in Apple, Facebook and Amazon were up pre-market as reports indicate that the three companies posted better than expected sales during the last three months.