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Effective September 1, 2020 the HIP DPA program will change from a 3-year/30-year split second mortgage to a straight 3-year prorated forgivable second.
Delegated Lenders utilizing their own direct endorsement (DE) authority may complete their own Project Review without submitting the project for review to U.S. Bank Project Approval Department (PAD). Any DE Lender may use the new Single Unit Approval review as U.S. Bank will not be required to indemnify the loan. Any loan utilizing the Single Unit Approval will have a maximum LTV of 90% LTV (including MIP) due to the default risk.
U.S. Bank has compiled a list of frequently asked questions regarding policy updates as the relate to Coivd-19 The FAQ document will be dynamic and fluid. We encourage you refer to this document frequently for updates and edits.
The seller must have taken title to the subject property more than 90 days prior to the contract date on the sale of the property to the applicant.
U.S. Bank will allow funding fee to be split. It can be partially paid by the buyer, seller, partially financed, or partially paid in cash.
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