HOMESITE MAP | SEARCH | CONTACT   Twitter Facebook

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

May 1, 2020
Important Changes to Government Home Advantage Loans Starting May 18, 2020.

Dear Partners,

Effective with reservations beginning May 18, 2020, FHA/VA/USDA Home Advantage loans with DTI ratios between 45.01% and up to 50% will no longer be serviced by Lakeview Loan Servicing and will be switched to Idaho Housing & Finance Association (IHFA).

These loans will also require a 660-credit score to be eligible under the program, for all borrowers.

The minimum credit score for FHA/VA/USDA Home Advantage loans at or below 45% DTI remains unchanged at 620 and will continue to be serviced by Lakeview Loan Servicing.

All other program terms and conditions still apply.

No other Home Advantage Program loans will be impacted by these changes. No changes are being made to House Key Opportunity program loans.

Why are we implementing this change?
Many of you viewed Lakeview's program announcement dated April 23,2020. Because of the Commission's need to continue to serve families between 45.01%-50% DTI, we reached an agreement with IHFA to service loans above 45% DTI, at a minimum credit score of 660.

The Commission continues to evaluate the performance of our loans and we hope to open up the credit-score requirement over time, but no guarantees. Please be advised these guidelines may be subject to change at any time as we continue to navigate through these uncertain times.

The Home Advantage manual will be updated with the above changes accordingly. We will post a credit score/DTI matrix as a reference tool here soon.

Please feel free to reach out to Corinna Obar or Lisa DeBrock with questions.

 

 
Home | About | ADA | CareersCommissioners | Contact UsEventsMy View Newsletter | Publications | Homeownership: Homebuyer Programs | Information for Lenders | Information for Real Estate Professionals | Information for Instructors | Multifamily Housing: 9% Housing Credit | Bond/Tax Credit | 80/20 Bonds | 501(c)(3) Housing BondsSpecial Programs: Energy | Farmer/Rancher | Nonprofit FacilitiesLand Acquisition Program | Property Managers: Asset Management and Compliance Information for Investors: Official Statements, Annual Reports, Interim Information |  Privacy Notice | Requests for Public Records
 
Washington State Housing Finance Commission 
1000 2nd Avenue, Suite 2700, Seattle, Washington 98104 | Phone: 206-464-7139 or 800-767-4663 | Fax: 206-587-5113 | Contact Us
©1998-2022 All Rights Reserved