Credit Policy Summary
- At least one borrower on the loan must have a reporting credit score of 620 or greater
- Loan amount should be greater than or equal to $50,000
- For Single Wide Manufactured homes, the minimum loan amount is $75,000
- All loans must have a 30-year fixed term
- Interest rate buydowns are not acceptable
- 3-4 Units and Co-Ops are not eligible
- Manual underwriting is not allowed
- Third party VOE in lieu of paystubs are not allowed
- IRS tax transcripts are required when qualifying with any of the following: 1) self-employed income; 2) commission income greater than 25% of the borrower’s total earnings; 3) rental income documented on schedule E; 4) employed by a family-owned business; 5) fixed income when the 1040s are used in lieu of alternative documentation.
- At least one borrower on the loan must have reporting credit score from two credit bureaus
- Minimum determining FICO of 620 or greater is required
- Loan amount should be greater than or equal to $50,000
- For Single Wide Manufactured homes, the minimum loan amount is $75,000
- All loans must have a 30-year fixed term
- Interest rate buydowns are not acceptable
- 3-4 Units and Co-Ops are not eligible
- Manual underwriting is not allowed
- Third party VOE in lieu of paystubs are not allowed
- IRS tax transcripts are required when qualifying with any of the following: 1) self-employed income; 2) commission income greater than 25% of the borrower’s total earnings; 3) rental income documented on schedule E; 4) employed by a family-owned business; 5) fixed income when the 1040s are used in lieu of alternative documentation.
- At least one borrower on the loan must have reporting credit score from two credit bureaus
- Minimum determining FICO of 620 or greater is required
- Loan amount should be greater than or equal to $50,000
- For Single Wide Manufactured homes, the minimum loan amount is $75,000
- All loans must have a 30-year fixed term
- HomeOne, Open Access, and Affordable Housing loans are not acceptable
- 3-4 Units and Co-Ops are not eligible
- Interest rate buydowns are not acceptable
- Manual underwriting is not allowed
- Third party VOE in lieu of paystubs are not allowed
- IRS tax transcripts are required when qualifying with any of the following: 1) self-employed income; 2) commission income greater than 25% of the borrower’s total earnings; 3) rental income documented on schedule E; 4) employed by a family-owned business; 5) fixed income when the 1040s are used in lieu of alternative documentation.
- At least one borrower on the loan must have a reporting credit score of 620 or greater
- Loan amount should be greater than or equal to $50,000
- For Single Wide Manufactured homes, the minimum loan amount is $75,000
- All loans must have a 30-year fixed term
- 3-4 Units and Co-Ops are not eligible
- Interest rate buydowns are not acceptable
- Third party VOE in lieu of paystubs are not allowed
- IRS tax transcripts are required when qualifying with any of the following: 1) self-employed income; 2) commission income greater than 25% of the borrower’s total earnings; 3) rental income documented on schedule E; 4) employed by a family-owned business; 5) fixed income when the 1040s are used in lieu of alternative documentation.
- At least one borrower on the loan must have a reporting credit score of 620 or greater
- Loan amount should be greater than or equal to $50,000
- For Single Wide Manufactured homes, the minimum loan amount is $75,000
- All loans must have a 30-year fixed term
- Interest rate buydowns are not acceptable
- 2-4 Units, Manufactured Home and Co-Ops are not eligible
- Third party VOE in lieu of paystubs are not allowed
- IRS tax transcripts are required on all loans
Housing Finance Agency Programs
Golden Opportunities DPA
Golden Opportunities DPA program is designed to increase homeownership opportunities for
low-to-moderate income individuals and families in California.
Visit GSFA website to find out about borrower eligibility requirements and follow FHA, VA, USDA, or Freddie Mac HFA requirements along with TMS restrictions stated above.
Lenders interested in participating in this Program must be an approved correspondent seller of TMS, complete a GSFA Lender Profile, and execute a GSFA Program Lender Agreement.
The GSFA Lender Profile and GSFA Program Lender Agreement are available for download from the GSFA TMS Participant Guide.
MetroDPA
MetroDPA is a unique down payment assistance program for buyers with up to $188,250 of qualifying income to bring the dream of home ownership within reach. The program provides assistance as a no payment, zero-interest, forgivable assistance loan.
Follow HFA requirements for FHA, VA, USDA, FNMA, or FHLMC and visit Metro DPA website to find out about borrower eligibility requirements.
Communities First Ohio
Port of Communities First Ohio Development Authority program can be used for purchase transactions. Visit Greater Cincinnati RDA to find out about borrower eligibility requirements and follow FHA, VA, USDA, or Freddie Mac HFA requirements along with TMS restrictions stated above.