Week of 26 Jan 09
Price Adjustments
Conforming to FHA Refinance — the 0.375 adjustment was eliminated.
Program Updates
FHA Streamline:
Min 550 for FHA streamline: no mortgage lates in last 6 months
If LTV 550 - 580: no lates in last 12 months
if LTV 581 - 620: one late allowed in last 7 - 12 months
if LTV >620: two 30 day OR one 60 day late allowed in last 7 - 12 months
If the borrower(s) have been in the subject property for 24+ months AND have no mortgage lates (subject property), then we will not consider unrelated mortgage lates (other properties) in underwriting. If the borrower(s) have been in the subject property for less than 24 months and/or have any mortgage lates (subject property), we will consider unrelated mortgage lates (other properties) in underwriting. Having worse than a 60 day unrelated mortgage late would disqualify the borrower(s).