Week of 2 Feb 09
Price adjustments
All government loans: purchases, refinance and streamlines
- 580-599 credit score 1.5% adjustment
- 600-619 credit score 1.25% adjustment
Program Updates
6115
30, 20 year fixed and 5-1 ARM are the only options available
720 Minimum FICO
75% Max LTV/CLTV 1-2 units
70% Max LTV/CLTV 3-4 Units
Cash out 70%
Retirement funds (e.g. IRA, 401(k), etc) may no longer be used to meet the 10% post close liquidity requirement.
FHA Streamlines
580 minimum FICO on non credit qualifying FHA Streamlines
600 minimum FICO for credit qualifying FHA Streamlines
0x30 late in past 12 months allowed on all FHA Streamlines
FHA Purchase and Refinance All Programs
600 Minimum FICO required
FHA Traditional Underwrite Purchase and Refinance
No Derogatory Credit in the last 12 months (This includes any late payments, collections, charge offs, judgments, etc).
2 months PITI required
Conventional Programs
600 Minimum FICO required
USDA Program
600 Minimum FICO required
Due Dates – FHA Streamlines
Receive a $395 underwriting fee when your FHA Streamline
- Goes to Docs by Feb 12th
- Funds by Feb 18th
FHA Streamlines that do not meet these deadlines will be charged a $795 underwriting fee.
Note: All FHA Streamlines must be submitted to underwriting by February 16th and close by February 19th — regardless of underwriting fee — in order to fund in February.