AC-007 Convetional and FHA
NOTICE TO ALL CUSTOMERS
Conventional and FHA Credit Updates
FLCBank notifies customers of the recent updates made on various topics on the loan programs listed below:
| Conventional | |
| Old Policy | New Policy |
| The non-permanent resident alien’s Visa or EAD card should have no less than 12 months remaining at the time of loan closing, otherwise, a copy of their application for the visa extension or evidence of prior renewal is required. If there is no prior EAD renewal, documentation from the USCIS confirming the likelihood of renewal is required.
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The non-permanent resident alien’s Visa or EAD card should have no less than 6 months remaining at the time of loan closing, otherwise, a copy of their application for the visa extension or evidence of prior renewal is required. If there is no prior EAD renewal, documentation from the USCIS confirming the likelihood of renewal is required.
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| Note: The above update does not apply to government loans and those requirements remain unchanged (per FHA’S SFH 4000.1, if the non-permanent resident alien’s EAD or evidence of H-1B status will expire within one (1) year, then document prior history of renewals is required). | |