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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
September 28, 2020
Changes to Home Advantage Gov't Loans with DTI 45.01%-50.00%
Dear Lending Partners,
Good news!!
Effective with reservations made on and after October 1, 2020, the minimum credit score will be changing from 660 to 640 for FHA/VA/USDA Home Advantage loans with DTI ratios between 45.01% and up to 50% serviced by Idaho Housing Finance Association (IHFA).
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, conditions and applicable overlays still apply.
Note: Home Advantage FHA/VA/USDA loans with total debt to income (DTI) ratios at 45.01%-50.00% with credit scores from 620-639 are not eligible under the program.
Home Advantage Conventional loans and House Key Opportunity loans are not impacted by these changes.
Please be advised these guidelines may be subject to change at any time as we continue to navigate through these unprecedented times.
The Home Advantage manual, applicable matrices and other online references will be updated accordingly.
Please feel free to reach out to Corinna Obar with questions.