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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
January 24, 2020
Best Practices for Reserving Loans
Dear Lending Partners:
Happy 2020! As we enter the new year, we would like to share best practices and tips regarding the Commission's loan reservation policies.
Please check with your corporate office before reserving for internal overlays.
Your loans should be approved by your underwriting team before reserving.
Prior to reservation of funds, all borrowers on the Note and Deed of Trust must have taken a Commission sponsored homebuyer education seminar and have a fully executed purchase and sale agreement.
Reserve as late in the process as possible to avoid extension fees.
Check the overlays to the program to make sure your borrower qualifies.
Check carefully which program you select especially due to recent Fannie Mae and Freddie Mac changes.
As always, don't forget that once you reserve, you cannot switch from Home Advantage to House Key Opportunity.
If you have questions, contact us and let us help you! We are happy to go over scenarios with you to help you select the best program. Please see our program manuals for further information on the reservation process.
If you have additional questions, please email Corinna.Obar@wshfc.org