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Servicer Overlays

***All loans must meet all of the GSE and Master Servicer requirements***
***IHCDA’s conventional loan programs have been paused and cannot be reserved at this time.***

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"

  • FHA under 660 FICO: 1-month PITIA, 6 months on the job, signed attestation
  • Credit Score and DTI Requirements
    • Minimum FICO credit score of 640 with a debt-to-income ratio of less than 45%
    • Minimum FICO credit score of 680 with a debt-to-income ratio greater than 45%, but less than 50%

  • No manual underwrites on FHA loans

  • Homebuyer education is not required, but if taken, must be completed prior to closing, and Certification of Completion must be uploaded with HO Affidavit

Condos

  • FHA 96.5% LTV
  • Conventional 97% LTV, project approved by US Bank
    • Delegated approval limited to 95% LTV
  • Projects not already approved by US Bank must be submitted for approval, regardless of LTV
  • Check the U.S. 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)

Manufactured Housing Property Options

  1. Borrower(s) must have a minimum representative credit score of 680 for Government Manufactured Housing loans and:
  2. For all loan types:
    1. the Maximum DTI is 45%.
    2. NO MANUAL UNDERWRITES ALLOWED.
  3. Lenders must follow FHA & U.S. Bank Manufactured Housing guidelines.
  4. No single-wide homes.

Fannie Mae Overlays - IHCDA’s conventional loan programs have been paused and cannot be reserved at this time.

  • 1 unit maximum LTV 97%
    • 2 to 4 units available but further eligibility requirements are applicable (FICO, LTV, etc.)
  • 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
  • Participating Lenders must search the applicable Area Median Income (AMI) for the purpose of verifying borrower income eligibility and loan eligibility under Fannie Mae’s HFA Preferred program to determine if the borrowers’ qualifying income is at or below 80% AMI.

Freddie Mac Overlays – Next Home Advantage - IHCDA’s conventional loan programs have been paused and cannot be reserved at this time.

  • DU is not acceptable, LPA only
  • 1 unit only
  • No Co-signers
  • Manual underwrites permitted as long as one of the borrowers have a usable credit score
    • Manual underwrites must have a 660 credit score
    • 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
  • No Manufactured homes