- Borrowers without a credit score
- "Refer" scoring recommendation
- Underwriter downgraded "Refer" where total score was "Accept"
- Back to Work Program
- Credit Qualifying Streamline Refinance
Changes for manual underwriting requirements:
||1 month mortgage payment.
||3 months mortgage payments.
|Max DTI 40/50%. with compensating Factors.
||3 months reserve.
||6 months reserve.
||FICO < 579
||Maxi DTI 31/43%
|FICO > 580
||Max DTI 37/47% with (1)*
|FICO > 580
||Max DTI 40/50% with (2)*
* Compensating Factors.
- Verified and documented cash reserves equal to at least three total monthly mortgage payments(1-2 units) orsix total monthly mortgage payments(3-4 units)
- New total monthly mortgage payment is not more than $100 or 5% higher than previous total monthly housing payment, whichever is less and there is a documented twelve month housing payment history with no more than one 30 day late payment.
- In cash out transactions all payments on the mortgage being refinanced must have been made within the month due for the previous 12months.
- Verified and documented significant additional income that is not considered effective income. (i.e. part time or seasonal income verified for more than one year but less than two years)
- Residual Income
The new FHA manual underwriting requirements DO NOT apply to:
- Rated "Accept"
- Non-credit qualifying FHA to FHA streamline refi
- Refi to Negative Equity Positions
- Section 255 Home Equity Conversion Mortgages
- Title I loans