Lower Conventional FICO Minimum Now Available

Lower Conventional FICO Minimum Now Available
As we mentioned in the August 22, 2016 eNews, U.S. Bank recently announced a reduction in its credit score overlay for Fannie Mae HFA Preferred™ and Freddie Mac HFA Advantage loans.
Because we were able to update the commitment system earlier than planned, lenders may lock Fannie Mae HFA Preferred™ and Freddie Mac HFA Advantage loans with lower credit scores and up to 97% LTV effective immediately:

Credit Score

DTI

640

45%

660

50%

The updated Credit and DTI Matrix reflects these changes.

If you need to update an existing commitment, please submit the Allocation Change Request Form (available in Forms Generator) to the Partner Solutions Team. If you have further questions, please contact the Partner Solutions Team.

Need a Minnesota Housing Refresher?

Training is not just for loan officers! Our Webinars are just as important for underwriters, processors, closers and post-closers. Visit the training page for more details and register for these upcoming Webinars:

Office Closed on Labor Day
Minnesota Housing will be closed on Monday, September 5 for Labor Day. Lenders will be unable to lock new loans between 5:00 p.m. on Friday, September 2 and 10:00 a.m. on Tuesday, September 6.
Questions?
You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 7:30 a.m. and 5:00 p.m. on business days.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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