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Announcement 2020-013: Government Update - FHA Product Profile Revisions

The following summary of updates to the FHA Product Profiles is effective immediately.

FHA Product profile

  • Cash-Out Refinance - Clarified 0x30x12 mortgage payment history requirements for all mortgages
  • Cash-Out Refinance - Clarified seasoning requirements to include junior liens being paid off with the refinance transaction
  • Streamline Refinance - Clarified mortgage payment history requirements for all mortgages
  • Streamline Refinance - Removed the requirement for verification of income and existence of business for Non-Credit Qualifying Streamline Refinance transactions
  • Income - Clarified requirements for evaluating effective income

 

Please reference the NewRez Product Profiles for full details.