Bulletin W1314 – Updates on FHA, FHA Streamline and DU Refi Plus
Attached is a bulletin regarding updates to the FHA, FHA Streamline and DU Refi Plus programs.
- FHA Guidelines have been updated to state that requirements from one loan program to another are described in the applicable product matrices
- Clarification has been provided on FHA Streamline loans regarding:
- Current 30-day bank statement, reflecting beginning and ending balances, is acceptable. All large deposits and/or questionable deposits need to be sourced and seasoned
- If the credit report reflects a bankruptcy, pre-foreclosure/foreclosure, or short sale, standard FHA credit requirements apply
- Loans with modification, pre-foreclosure/foreclosure, NOD on the subject property are not eligible for CMS financing
- DU Refi Plus loans, clarification is provided regarding requirements for a Property Fieldwork Wavier.
- Guidelines posted to Intranet
- Guidelines and matrices will be posted to the Intranet on November 30, 2012 at 9:00 AM PST
Download: Bulletin – #W1314 (PDF)