AC-002 Important Conventional and VA Announcements

Conventional Updates – Second Home Mortgages

Effective Tuesday, January 18th, the following additional requirements will be applied on Second Home Mortgages:

  • The Minimum credit score required is 700
  • If the second home mortgage will be secured by a condominium property:
    • The LTV must be reduced by 5% of the maximum allowed, and
    • The maximum DTI is 45%

The new requirements are noted in blue font below and will be posted in the conventional loan matrices.

CLICK HERE TO READ THE COMPLETE BULLETIN

-->
Accessibility by WAH