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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
April 3, 2023
Debt to Income Ratio (DTI)
Dear Lenders,
NO FOOLIN!!
The Washington State Housing Finance Commission is pleased to announce an expansion of our efforts to streamline our programs and processes to ensure the best possible experience for our lenders. This effort is part of a larger initiative across housing finance agencies to not only standardize documents but also move to more uniform product overlays. In that spirit, the Commission is happy to announce additional flexibilities to help reduce barriers to homeownership.
Effective April 3, 2023, the Commission will be removing the 50% back-end DTI ratio requirement on our Home Advantage and House Key first mortgage programs. We will accept your AUS findings and underwriter's signed/dated approval for DTI with no additional overlays to agency guidelines.
Please Note: The minimum credit score requirement for our programs remains at 620.
Any Home Advantage Gov't loan including manufactured homes and manually underwritten loans temporarily going to Idaho Housing and Finance Associatiaon (IHFA), the above criteria also applies.
Section 2 of our Home Advantage and House Key manuals and any applicable matrices will be updated shortly.
If you have any questions, please contact Corinna Obar.