Government Loan Guideline Changes

FHA/VA Full Doc Loans

  • Purchase, Rate Term/Cash Out Refinance – min score 640, score between 640-659 2 months reserves required
  • Cash Out – 1 unit only
  • Transferred Case Numbers – case numbers w/ MCRs or declinations from another lender are not allowed
  • DTI – Max 50% regardless of AUS findings
  • High Balance – 1 Unit, min Score 660 Purchase, R/T; 680 Cash Out – AUS approval only
  • Manufactured Homes – not allowed
  • Manual/Refers – Purchase, 1 Unit only. Min Score 660. 2 months reserves

VA IRRRLs

  • Primary Only (2nd home and NOO not allowed)
  • 1-2 Units 640, LTV no limit
  • 3-4 Units 640, LTV 100%
  • High Balance 1 Unit, min score 660, LTV 100%

FHA STLs

  • Primary Only (2nd home and NOO not allowed)
  • 1-4 Unit 640, LTV 100%
  • High Balance 1-2 Unit 660, LTV 100%

USDA

  • Purchase Only
  • Min Score 680
  • Manufactured Homes not allowed