Servicer Overlays

US Bank Customer Care Team - Contact for questions regarding loan review, status, deficiencies, loan documentation requirements, or US Bank policy and procedures:
Email:  hfacustomercare@usbank.com
Phone: 800-562-5165, Option “1”

Conventional - Homebuyer education must be completed prior to closing

No manual underwrites on FHA loans

Credit Score minimum

  • 640 Conventional / RD / VA
  • 660 FHA

DTI maximum

  • 45% FHA
  • 50% Conventional

Condos

  • FHA 96.5% LTV
  • Conventional 97% LTV, project approved by US Bank
    • Delegated approval limited to 95%
  • Projects not already approved by US Bank must be submitted for approval, regardless of LTV
  • Check the US Bank Bank Reviewed Project List in the Condominium Project Review Folder at www.hfa.usbank.com
  • Must receive US Bank approval (or be delegated to approve your own)

      Conventional Loans > 95%                                                                                                                                  

  • 1 unit only
  • HFA Preferred only
  • Homebuyer education must be completed prior to closing
  • Manual underwrites permitted only for Fannie Mae underwritten loans with an LTV of 95% or below.
    • Maximum allowable DTI is 36%, 2 months PITIA (principal, interest, taxes, homeowner's insurance, mortgage insurance,association fees) reserves required unless product/property type requires a lower DTI or > 2 months reserves per GSE, insurer, or HFA guidelines

Manufactured Housing:
 
Borrower(s) must have a minimum representative score of

  • 680 for Government Manufactured Housing loans and
  • 640 for Fannie Mae HFA Preferred Manufactured Housing loans

For all loan types​

  • the Maximum DTI is 45%
  • NO MANUAL UNDERWRITES ALLOWED
  • Fannie Mae HFA Preferred Manufactured Housing loans may have a 95/105 LTV/CLTV
  • Lenders must follow FHA/VA/RD, Fannie Mae and U.S. Bank Manufactured Housing Guidelines