home is possible

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

Josie Hatem

702-486-5983

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.

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.

Manual Underwriting

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. 

Looking for condos to purchase?

Here you go! Click here for the latest list of approved condo projects.

A few tips:

Review the current U.S. Bank condo list and search for your project. (Press ctrl-f and enter your project's name).

Learn the Freddie Do's & Don'ts!

DO:

• Income limit up to $98,500
• Purchase price up to $484,350
• Minimum 640 credit score
• Up to 50% DTI

DON'T:

• Cosigners are not allowed
• Manufactured Homes not allowed
• No 2 to 4 units - single family residence only
• No manual underwriting

Nia Girma
702-486-5946

Josie Hatem
702-486-5983

Here are four tips to keep in mind to help secure the house you want at a fair price.

Learn the Top 5 HIP Facts that will get you super excited about buying a home!