FHA/VA Overlay Removals – FHA/VA Overlay Matrix Impacts
Based on your feedback, we have removed additional overlays for FHA and VA transactions. For complete details and effective dates, review CB16-44 Overlay Removals and Matrix Updates.
Credit Score (FHA/VA)
Reduced minimum credit score on VA transactions from 660 to 640 for Cash-Out refinances with loan amounts greater than $417,000.
Down Payment Assistance (FHA/VA)
Chase's prior approval is not required providing the Delegated Correspondent rep and warrants to Chase that applicable loan meets FHA and VA guidelines.
Qualifying Ratios (FHA)
Removed requirement for Underwriter to comment on compensating factors on TOTAL Scorecard transactions with ratios greater than 31/43.
FHA Streamline Refinance (Chase-to-Chase) (FHA)
- Removed maximum CLTV restriction
- Removed requirement for Chase-to-Chase FHA Streamline Refinances to be income qualified
- Minimum 640 FICO requirement applies
VA Foreclosure Seasoning Requirements (VA)
Revised requirements to indicate that three years seasoning is required.