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* The minimum FICO has been increased to 640 for all FHA, VA, and USDA loans.
* Loans with FICOs between 640-659 and using gift funds require:
6 months cash reserves, or Residual income in excess of 120% of VA required (only applicable if)
borrower’s place of business remains open and is calculated on borrower’s current level of pay)
* Per AUS, however loans with DTI > 50% require a min 700 FICO or 6 months reserves.
* Per AUS, however loans with DTI > 45% and the FICO is < 660 require:
6 months cash reserves, or
* Residual income in excess of 120% of VA required (only applicable if borrower’s place of
business remains open and is calculated on borrower’s current level of pay)
Download Program Guidelines: