All loans must meet HUD guidelines
Ineligible Programs
▪ Energy Efficient Mortgages (EEM)
▪ Section 184 Indian Reservation Mortgages
▪ Graduated Payment Mortgages (GPM)
▪ Growing Equity Mortgages (GEM)
▪ Texas Section 50(a)(6)
▪ PACE Clean Energy Loans
▪ HUD 184 or 248 (Indian Lands)
▪ 223(e) Economic Life Loans
▪ Solar Leases Paid via Property Tax
▪ FHA Solar and Wind
▪ Hope for Homeowners Programs
▪ FHA Military Impact Loans
▪ Construction to Permanent
ARM Guidelines: 5/1 ARM
▪ Product Code F-A5T
▪ DU ARM Plan FHA HYBRID
▪ Margin 2.00%
▪ Caps 1/1/5
▪ Temporary Buydowns not allowed
▪ 30-year term only
▪ Qualifying rate: Note rate
Program Eligibility
Credit
▪ Minimum 640 FICO for manually underwritten loans.
▪ Minimum of 3 open tradelines used within the past 12 months.
▪ Minimum 12-month housing history (mortgage or rent) without any late payments for all mortgage and rent payments.
Income
Tax transcripts required.
Loan Purpose/Transaction Type
For 203(h) Disaster Loan transactions: Purchases only.
Underwriting
Manual underwriting requirements:
▪ 2 months reserves required (gift funds not allowed)
▪ Minimum 640 FICO
▪ Maximum DTI of 31/43% on occupant borrower only
▪ Maximum 43% DTI for high balance
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