{"id":11692,"date":"2021-10-05T16:42:41","date_gmt":"2021-10-05T16:42:41","guid":{"rendered":"https:\/\/chenoafund.org\/?p=11692"},"modified":"2026-03-17T14:42:56","modified_gmt":"2026-03-17T14:42:56","slug":"21-10-05-announcement-october-5-2021-program-guidelines-update","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/21-10-05-announcement-october-5-2021-program-guidelines-update\/","title":{"rendered":"Program Guidelines Update \u2013 October 5, 2021"},"content":{"rendered":"\r\n<h2 class=\"wp-block-heading\">10\/05\/2021<\/h2>\r\n\r\n\r\n\r\n<p><strong>All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 10\/05\/2021 unless otherwise noted.<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>To review the program guidelines changes made September 23, 2021, or earlier, please follow <a href=\"https:\/\/chenoafund.org\/lender\/archive-program-guidelines\/\">this link<\/a> to the archived Correspondent Lending Guides.<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>These updates apply to everyone using the Chenoa Fund program\u2014correspondents and TPO.<\/strong><\/p>\r\n\r\n\r\n\r\n<p><span class=\"has-inline-color has-white-color\">.<\/span><\/p>\r\n\r\n\r\n\r\n<p>Section 5.3 (FHA Offerings), the line \u201cFHA 234(c) condominium unit, primary residence only\u201d has been removed. Condos are now included in FHA 203(b).<\/p>\r\n\r\n\r\n\r\n<p><span class=\"has-inline-color has-white-color\">.<\/span><\/p>\r\n\r\n\r\n\r\n<p>Section 5.17 (Present Housing Expense &amp; Verification of Housing Payment) states \u201cPresent housing expense verification requirements are determined by the occupying borrower with the highest middle FICO score\u2014all other requirements are determined by the occupying borrower with the lowest middle FICO score.\u201d This sentence has been made the first sentence of this section. In addition, section 5.16 (Alternative Qualification Requirements) had the parenthetical line \u201c(verification of housing payment\/expense requirements determined by occupying borrower with the highest middle credit score)\u201d added.<\/p>\r\n\r\n\r\n\r\n<p><span class=\"has-inline-color has-white-color\">.<\/span><\/p>\r\n\r\n\r\n\r\n<p>Section 6.2 (CBC Mortgage Agency Additional Guidance) states that alternative qualifications may not be used with manufactured housing to exceed payment shock or DTI requirements. Our Manufactured Matrix will have an artifact removed that suggested that alternative qualifications were allowed to be used to exceed payment shock requirements.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>10\/05\/2021 All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 10\/05\/2021 unless otherwise noted&#8230;.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[104],"tags":[338],"class_list":{"0":"post-11692","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-updates-and-announcements","7":"tag-program-guidelines-update"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Program Guidelines Update \u2013 October 5, 2021 - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Discover the updated program guidelines announced on October 5, 2021, for the Chenoa Fund&#039;s initiatives to support homebuyers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chenoafund.org\/21-10-05-announcement-october-5-2021-program-guidelines-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Program Guidelines Update \u2013 October 5, 2021 - 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