Exciting program news! Plaza Home Mortgage^® is expanding both agency and government guidelines, removing certain overlays and increasing VA Jumbo loan amounts effective on February 10, 2022.

See the below the details on the following changes:

Manufactured Housing Expansion

• Now accepting single-wide manufactured homes on Plaza’s Fannie Mae and Freddie Mac eligible, FHA, VA and USDA programs
• Multi-wide manufactured homes will now be eligible for cash-out for Fannie Mae and Freddie Mac eligible, FHA and VA
• We’ve removed the FICO overlays for manufactured housing and adjusted the FICO requirements for manufactured housing to align with the FICO requirements for stick-built housing

 FICO Reductions and Changes

• Plaza’s USDA program minimum FICO score has been reduced from 620 to 600
• Our FHA Cash-out minimum FICO score has been reduced from 620 to 580
• FHA AUS approved loans where the co-borrower does not have a FICO score are now eligible. These loans should be priced by using the FICO score(s) of the borrower(s) with a score. Manual underwriting is not eligible for submission

 VA Jumbo now to $2.5 Million

• We’re excited to increase VA Jumbo maximum loan amounts to $2.5M from $1.5M

Streamlined Overlay Matrix

• Plaza’s Delegated Correspondent Overlay Matrix has been updated to reflect these changes and any references to items that are not overlays have been removed. FYI type information has been removed so the overlay matrix is a better representation of Plaza’s actual overlays

Please contact your Plaza Account Executive if you have any questions on these updates.