The following summary of updates to the FHA Product Profiles is effective immediately.
FHA Product profile
- Cash-Out Refinance - Clarified 0x30x12 mortgage payment history requirements for all mortgages
- Cash-Out Refinance - Clarified seasoning requirements to include junior liens being paid off with the refinance transaction
- Streamline Refinance - Clarified mortgage payment history requirements for all mortgages
- Streamline Refinance - Removed the requirement for verification of income and existence of business for Non-Credit Qualifying Streamline Refinance transactions
- Income - Clarified requirements for evaluating effective income
Please reference the NewRez Product Profiles for full details.