Bulletin W13-076 – Update, Government Product Offerings

July 15, 2013Bulletins

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)

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