Changes to Credit Underwriting Guidelines - Update #20-12


Program Update #20-12 dated 4/3/20

NIFA and U.S. Bank are announcing changes to credit underwriting guidelines for NIFA loans.  The changes are as follows:

  • All FHA loans with credit scores of 640-659 must have 1-month reserves and all borrowers must be on their current job for a minimum of 6 months.
  • Manual underwriting is not allowed on all conventional and government loans.  This includes AUS downgraded loans and non-traditional credit loans.

The changes apply to all conventional and government loan reservations processed in Lender Online on and after Monday, April 6, 2020.  The changes do not apply to loan reservations dated prior to April 6, 2020. 

Please do not hesitate to let us know if you have any questions.  We appreciate your partnership!