Deferred Payment Loan Plus Criteria Expanding 

Deferred Payment Loan (DPL) Plus Criteria Expanding - Effective December 7
Borrowers that qualify for DPL and two of four criteria outlined below can access up to $8,500 for their downpayment and closing costs through DPL Plus, whereas DPL offers $7,500. 
Effective December 7, 2016, we are expanding eligibility for the Sole Head of Household with Eligible Dependent DPL Plus criteria for new and existing loans in our online commitment system.

DPL Plus Criteria (Including Expansion of Sole Head of Household)
  • Sole head of household with at least one Eligible Dependent residing in the household (household must include only one adult that is not an Eligible Dependent). An Eligible Dependent is:
    • A household member who is under 18 years of age;
    • A Disabled household member; or
    • A senior (age 62 or older)
  • Household of four or more people 
  • Front-end ratio of 28% or higher calculated without DPA
  • Disabled household member
 
Expanded Criteria Examples
  • A single parent with an adult disabled child living in the home.
  • Two person household where the borrower cares for an elderly parent living in the home. 

Resources
There are slight changes to our commitment system. Refer to the DPL Plus Commitment System Guide when locking loans.
 
Updated Program Manuals: Start Up, MCC, Step Up
Our Start Up, MCC and Step Up program procedural manuals are updated effective for loans locked on or after December 5, 2016. Review the list of material changes below and refer to the manuals on our website for more details:
Which Manual
What's Changing?
Start Up Only

Deferred Payment Loan Principal Write-Down

  • Now allow with both DPL and DPL Plus

DPL Maximum Asset Calculation

  • Liquid asset test now -includes association fees with principal, interest, taxes, and insurance (PITIA)

Both Start Up and MCC
Excess Property
  • An appraiser statement is required when:
    • a property has more than one parcel or be subdivided and or
    • the land value exceeds 45% of the total

New Construction Septic Requirements

  • New construction properties in the 11-county Twin Cities metropolitan area, s are allowed to have a private septic system and do not have to be serviced by a regional waste water treatment center or by a treatment system owned and operated by a local unit of government

Step Up
Government Streamline Refinance – we clarified the following in our manual
  • New RD Streamline Products is an eligible loan type
  • U.S. Bank accepts all FHA, VA, and RD streamline refinances from any lender, not just for loans currently serviced by U.S. Bank
If you have transaction specific questions, contact 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.

December Webinars
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:
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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