Dear Lending Partners,
Just a friendly reminder in April and June 2023, the Washington State Housing Finance Commission announced an expansion of our efforts to streamline our programs and processes to ensure the best possible experience for our lenders.
On April 3, 2023, the Commission removed the 50% back-end DTI ratio requirement and on June 28, 2023 we removed the 620 minimum credit score requirement for our Home Advantage and House Key first mortgage programs.
We will accept your AUS approved findings and your underwriter’s signed/dated loan approval for DTI and credit scores with no additional overlays to agency guidelines.
See further details in section 2 of the Home Advantage and House Key manuals.
If you have any questions, please contact Corinna Obar.