FHA, VA and USDA product updates effective immediately.
Due to the ongoing impact of COVID-19 causing volatility in the markets, NewRez is updating the following changes to FHA, VA and USDA. The changes outlined below are effective with new locks, submissions or registrations on or after March 30, 2020. Existing locked pipeline loans will proceed as locked. Lock extensions and re-locks for loans locked prior to March 30, 2020 will be subject to changes outlined in this announcement.
fha product profiles
The changes in red to Credit Score, Loan Amount and LTV/CLTV have been made to the FHA products.
In addition, the following overlays are being applied:
- Manual underwriting and manual downgrades are not permitted
- Manufactured housing Cash-Out Refi and Non-Portfolio Streamline are not permitted
- Credit, income and asset documentation must be 60 days old as of the Note date
- Down payment assistance programs are not permitted
- Subordinate financing is not permitted
- Non-traditional credit is not permitted
- Prior Mortgage Credit Rejects are not permitted
va product profiles
The changes in red to Credit Score, Loan Amount and LTV/CLTV have been made to the VA product.
In addition, the following overlays are being applied:
- Manual underwriting is not permitted
- Manufactured housing IRRRL transactions are not permitted
- Credit, income and asset documentation must be 60 days old as of the Note date
USDA product updates
The changes in red to Credit Score, Loan Amount and LTV/CLTV have been made to the USDA product.
In addition, the following overlays are being applied:
- Manual underwriting is not permitted
- Credit, income and asset documentation must be 60 days old as of the Note date
Please reference the NewRez Product Profiles for the changes outlined in this announcement.