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Information for Single-Family Lending and Real Estate Professionals
 
Program Announcement

December 14, 2017

Non-Traditional Credit Allowed; Change to Escrow Repair Holdback

EFFECTIVE IMMEDIATELY

The Washington State Housing Finance Commission is pleased to announce the following program updates:

Non-Traditional Credit Allowed:

For FHA Only: Non-Traditional Credit is now permitted:
-43.00% Maximum DTI.
-All borrowers with a credit score must meet minimum 660 FICO.
-Manufactured homes are not permitted.

Change to Escrow Repair Holdback:

Escrow repairs are permitted for outstanding minor repairs for incomplete construction or for alterations and repairs that cannot be completed prior to loan closing.

For further information Section 2 of the manuals have been updated. New program matrices have been posted.

Here are the links:

http://www.wshfc.org/sf/02termsandconditionsHA.pdf
http://www.wshfc.org/sf/02termsandconditions.pdf
http://www.wshfc.org/sf/downloads.html
Questions? Contact Corinna.Obar@wshfc.org   

  

  

                               

 
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