Expanded Approval Program Changes
Due to recent changes by Mortgage Insurance companies we are changing our program guidelines for Expanded Approval loans. If your loan is affected by the below changes your loan must be locked in by the end of business today.
- Expanded Approval Level 1
- Minimum FICO of 660 is required if LTV > 80.00%
- Minimum FICO of 620 is required if LTV < 80.00%
- Expanded Approval Level 2
- Maximum LTV regardless of FICO score is now 80.00%
- Minimum FICO for is now 620
Sherlock and Product guides will be updated shortly with these new changes.
Please feel free to contact your VP of Wholesale Lending or the Commitment Desk for further clarification if needed.
Thank you for your continued business!!