FHA and VA FICOs Go Even Lower + More FHA, VA and Jumbo AUS News
Plaza Home Mortgage® is excited to announce several new developments to our FHA, VA and Jumbo programs, effective immediately. We’ve lowered our minimum FICOs on some of our most popular programs, and with recently expanded eligibility for VA loans, you can offer these programs to more borrowers in your market. See below for a summary of updates, or contact your Plaza Account Executive for complete program guidelines.
- Now to 580 on Conforming Balance and High Balance purchase and rate/term
- Streamline lowered to 580 regardless of current servicer on Conforming Balance and High Balance
- FHA 203(h) FICO is now to 580
Borrower tenants are eligible to purchase the property they are renting as long as they can document they have rented and occupied the property for at least six months immediately predating the sales contract. Additionally, there must not be any other relationship between the landlord and tenant present.
- Lowered to 580 on Conforming Balance purchase and refinance
- Jumbo purchase and refinance <= $1,000,000 now to 580
- VA IRRRLs - FICO lowered to 580 up to $1,000,000 regardless of current servicer
More Big News on VA
- Jumbo IRRRL now available to $1,500,000. 660 FICO required for loan amounts > $1,000,000
- Certain members of the Army National Guard or the Air National Guard are now eligible for VA home loan benefits. Per VA Circular 26-21-08
- The requirement for a Collateral Desktop Assessment (CDA appraisal review) for loans > $1,000,000 has been removed
- Guidelines have been updated to clarify that income or employment commencing after the Note date is not eligible. All income must be documented prior to the Note date.
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