U.S. Bank will allow Assisted Appraisal Processing Program when allowed by VA, excluding complex properties, new construction or the absence of a legal written agreement as defined by VA

Freddie Mac Changes 

Effective January 13, 2020

• 
  Freddie Mac loans will be limited to income at or below 80% AMI.


• 
  Freddie Mac ASI Grant will no longer be available.


• 
  Conventional loans will not be available under the Home Is Possible for First-Time Homebuyer Bond program.

Nia Girma

702-486-5946

Revised DTI Guidelines

Effective January 6, 2020

• 
  DTI of 45.0 l % to 50% will be allowed on FHA and Conventional loans with a minimum FICO score of 680.


• 
  Minimum credit score of 640 still permitted with maximum DTI of 45% on FHA, VA, USDA & Conventional products.

Nia Girma

702-486-5946

Josie Hatem

702-486-5983

Lender Compensation is changed to 2.75% on all HIP products. Lender compensation is combination of Origination fee and SRP

The program maximum DTI ratio is 45% for FHA, VA, USDA-RD, Fannie Mae and Freddie Mac loans with a minimum 640 FICO. The program maximum DTI ratio is 50% for FHA, VA,USDA-RD, Fannie Mae and Freddie Mac loans with a minimum 680 FICO. This change does not affect the HIP for First-Time Homebuyer program or the HIP for Teachers program.

There are some obvious reasons why winter is not the traditional time to buy or sell a house. We don’t want to disrupt our family during the school year,  it’s a pain to move when it’s cold and it can be hard to showcase a yard’s beauty and color when everything is dormant. Perhaps most importantly, HOW WILL SANTA FIND US if we move before Christmas!?!

But these reasons also create a very compelling argument for jumping into real estate during the cold wintery months. And don’t worry, Santa has GPS!

You know how some people put off getting a health physical because they’re afraid of what they might find out? It turns out ignoring weird lumps, persistent aches and unexplained rashes won’t make them go away. And not tending to them is a lousy strategy for long term health. The same goes for credit scores.

It’s better to know, and act

Veteran James Bassett and his family were recently given the surprise of a lifetime reminiscent of an episode of “Extreme Makeover” — except without the giant bus, not to mention that the family didn’t even know where the house would be located.

Manufactured Housing Loans

Reminder: US Bank made the following changes to loans secured with manufactured homes:

• 
  Minimum credit score of 680


• 
  Maximum DTI is 45%


• 
  NO Manual Underwrites Allowed

Please note these changes affect all loans reserved September 2, 2019 or later.

Please click here to see program guidelines