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Announcement 2020-077 - FHA and VA Product Guideline Updates

The following product guideline updates are effective immediately for new applications and locks as of June 16, 2020.

The following product guideline updates are effective immediately for new applications and locks as of June 16, 2020.   

 

FHA Mortgages

 

  • The DTIs for the following transactions have been increased:
    • Purchase
    • Rate and Term Refinance
    • FHA Simple Refinance
  • The maximum DTIs are:
    • 50% with minimum 660 credit score
    • 55% with a minimum credit score of 700
  • Clarified Ineligible Property Types to include 2-4 Unit Dwelling with Accessory Dwelling Units (ADU) and Manufactured Housing Unit with Manufactured Housing ADU

 

 

VA Mortgages

 

  • The DTI for the following transactions has been increased:
    • Purchase
      • 55% maximum DTI with 680 credit score to $1,000,000
      • 55% maximum DTI with 660 credit score to $510,400
    • Type 1 and Type ll Cash-out Refinances
      • 50% maximum DTI with 700 credit score to $1,000,000
    • Clarified guidance in Housing Payment History section for following AUS for payment history evaluation

 

 

Please reference the NewRez Product Profiles for the changes outlined in this announcement.