Bulletin W13-076 - Update, Government Product Offerings

Topic included in Bulletin W13-076:

• The following matrices have been updated:
  • USDA
  • VA Purchase and Refinance, Standard and High Balance
  • VA IRRRL, Standard and High Balance
  • FHA Purchase and Refinance, Standard and High Balance
  • FHA Streamline, Standard and High Balance
• The minimum FICO requirement has been decreased to 580 for all of the above referenced products
• Reminder, the 580 credit score does not apply to the FHA 203(k), $100 Down Payment and FHA Negative Equity Refinance (Portfolio only) product offerings
• USDA updates include:
  • Credit History section has been added for FICO scores >580 and <=619
  • Credit Waiver section updated regarding ratios exceeding 29%/41%
  • Ratio Section expanded, detailing acceptable instances of compensating factors when ratios exceed 29%/41%
  • Adjusted Income section provides clarification regarding examples of eligible deductions
• VA Purchase and Refinance, Standard and High Balance, VA IRRRL, Standard and High Balance and FHA Purchase and Refinance, Standard and High Balance updates include:
  • Judgment/Lien section provides clarification regarding repayment requirements
• Updated matrices have been posted to the Intranet
• The website has been updated

Download: Bulletin - W13-076 (PDF)