Updates to Home Possible Mortgages and More in Guide Bulletin 2018-13
August 29, 2018
Please review Single-Family Seller/Servicer Guide (Guide) Bulletin 2018-13 for selling updates that simplify how we work together: This Guide Bulletin:
- Combines our Home Possible® and Home Possible Advantage® offerings into one consolidated offering and expands certain requirements.
- Updates mortgage eligibility and credit underwriting requirements related to:
- Payment calculation requirements for student loans
- Cash back from no cash-out refinance transactions
- Inquiries on credit reports
- Income starting after the note date
- Extends the effective date for previously-announced rental income requirements.
- Updates our appraisal requirements to no longer require Form 71.
- Updates certain condominium project insurance requirements.