Non-occupant co-client and rent free clients are ineligible for financing.
The client must meet the following:
· Have a co-signer with a 640 FICO or greater in order to meet FHA Refer guidelines.
· Have 3 non-traditional credit references. See the Non-traditional Credit References page for additional information.
The maximum housing ratio is 31%.
The maximum total DTI is 43%.
FHA 0/No FICO is allowed on the following transactions:
· Rate and term and cash out refinance
· New Construction
The product must meet all of the following:
· Fixed Rate
· Manually downgraded to Refer/Eligible
o The co-client with the 640 FICO or greater is used to meet Refer guidelines of minimum credit score requirements.
FHA Jumbo loans are not allowed.