Bulletin W13-136 - Update, Underwriting Guidelines and Matrices

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)