Here are the details:
Product Features •
DU will automatically identify potentially eligible loans.
Underwriting flexibilities include:
* Offers an innovative new feature that supports extended family households: will consider income from a non-borrower household member as a compensating factor in DU to allow for a debt-to-income (DTI) ratio >45% to 50%.
* Allows non-occupant borrowers, such as a parent.
* Permits rental income from an accessory dwelling unit (such as a basement apartment).
* Allows boarder income (updated guidelines provide documentation flexibility).
• Financing up to 97% LTV (DU is required for LTVs >95%). Borrower is not required to be a first-time buyer; purchase of one-unit principal residence (limited cash-out refi up to 95%).
• Lower MI requirement than standard (for LTVs >90% to 97%). • Allows for nontraditional credit.
• Gifts, grants, Community Seconds®, and cash-on-hand permitted as a source of funds for down payment and closing costs.
• Supports manufactured housing up to 95% and HomeStyle® Renovation (approved lenders) to 95%.