13 Feb 09
Due to current volumes, our underwriting turn-times have increased. Please see below for turn times and underwriting guideline changes:
Turn Times
Underwriting — up to 15 days, for both new loan files and resubmissions.
Underwriting Guideline Changes
Minimum FICO score of 620 required for all loan programs. Programs that have had a minimum credit score > 620 continue with their previous minimum.
Investment property guideline changes:
- Minimum credit score is 720
- 2 years landlord experience required
- Borrowers must qualify with full payments on purchase money loans
- Florida investment properties are ineligible
Manual/Traditional underwriting for FHA/VA/USDA programs is not currently available.
Maximum DTI ratio is 55%, regardless of AUS approval.
Field review required on all Cash-out Refinance loans with LTV greater than 75%.
Interest rate lock required prior to underwriting submission.