HOT THIS WEEK
FHA Update to FEMA Disaster Areas
FHA announced that they will allow loans to close in a FEMA disaster area before the end date has been declared, as long as the inspection is dated at least 14 days after the disaster start date.
80% AMI Cap on HomeReady and Home Possible Loans
Beginning July 20, 2019, for HomeReady and July 28, 2019, for Home Possible, both programs will now require that the borrower’s income be 80% or less than the AMI for their census tract. This applies to both purchases and refinances and there will no longer be any areas with no AMI limit. The new rule will apply to all casefiles assigned on or after the dates above. Keep in mind that casefiles are assigned not only when the file is submitted but also any time a new credit report is attached to the existing AUS findings. This means that the new rule will apply to any casefiles where the credit report expires after those dates. If you have any questions about the new rule, or would like to learn about our other 3% down and 5% down programs, be sure to reach out to your UWM AE.
For additional information, please contact your Account Executive. Thank you for partnering with UWM, where we are Younited to make lending easy.