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.
home is possible
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.
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.
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.
NHD to $510,400!
Effective January 2, 2020, NHD purchase price limit will be $510,400. Remember to always check agency guidelines regarding purchase price limits.
Lastly, thanks for being you. (We just couldn’t pass up the opportunity to tell you how much we appreciate you.)
HIP Purchase Price limits have been raised to $510,400. This does not effect the HIP First-Time Homebuyer program or FHA Agency guidelines.
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.
Effective immediately: US Bank has changed the manual underwriting guidelines for new loan reservations on both Conventional and Government loan products.
FHA, USDA & VA
Get your red hot marketing materials!
To help our lending partners have the necessary resources to get the word out on all our Home Is Possible programs, we offter free marketing materials. You can download any of our flyers and customize them with your picture and contact information.