Bulletin W13-136 – Update, Underwriting Guidelines and Matrices

October 30, 2013Bulletins

Topic included in Bulletin W13-136:

  • Update, Underwriting Guidelines and Matrices
  • Update, Jumbo
    • Maximum DTI increased to 43%
    • Effective Immediately
  • Update, Manufactured Home
    • To align with FHA the Manufactured Home constructed date overlay has been removed
    • Manufactured Homes must be constructed on or after June 15, 1976
    • Effective Immediately
    • Following programs effected:
      • FHA Standard and High Balance
      • FHA Streamline
      • VA Standard and High Balance
      • VA IRRRL
      • USDA
  • Update, FHA Standard and High Balance
    • To align with FHA CMS now accepts Land Contracts as eligible collateral
    • Three (3) different land contract transactions types
    • Clarification provided regarding “Rent Credits” which can be found in the FHA Lending Guide under the heading “Transaction Types”
  • Changes support our expansion and strategy of becoming a national lender in the government business, specializing in the lower credit tier
  • All updates are published on the Intranet and can be found at Mortgage/Lending/Guidelines and Bulletins
  • The Wholesale website has been updated

Download: Bulletin – W13-136 (PDF)

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