{"id":12196,"date":"2022-02-03T17:41:32","date_gmt":"2022-02-03T17:41:32","guid":{"rendered":"https:\/\/chenoafund.org\/?p=12196"},"modified":"2026-03-17T14:48:08","modified_gmt":"2026-03-17T14:48:08","slug":"22-02-03-announcement-february-3-2022-program-guidelines-update","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/22-02-03-announcement-february-3-2022-program-guidelines-update\/","title":{"rendered":"Program Guidelines Update \u2013 February 3, 2022 | Chenoa Fund"},"content":{"rendered":"\r\n<p><strong>Version 11.10<\/strong><\/p>\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 02\/03\/2022 unless otherwise noted.<\/strong><\/p>\r\n\r\n\r\n\r\n<p>To review the program guidelines changes made January 20, 2022, or earlier, please follow <a href=\"https:\/\/chenoafund.org\/lender\/archive-program-guidelines\/\">this link<\/a> to the archived Correspondent Lending Guides.<\/p>\r\n\r\n\r\n\r\n<p>These updates apply to everyone using the Chenoa Fund program\u2014correspondents and TPO.<\/p>\r\n\r\n\r\n\r\n<p><mark class=\"has-inline-color has-white-color\" style=\"background-color: rgba(0, 0, 0, 0);\">.<\/mark><\/p>\r\n\r\n\r\n\r\n<p><strong>Guidelines Updates<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Section 5.16 (Alternative Qualification Requirements) has been revised to show that borrowers using either DPA Edge product must have a credit score of 620 or higher to use alternative qualifications, regardless of whether or not they have a present housing payment. The updated text is included below:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>If a borrower with a credit score of 620 or higher exceeds payment shock or DTI requirements, or both, refer to alternative qualification requirements; never to exceed 50% DTI<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><mark class=\"has-inline-color has-white-color\" style=\"background-color: rgba(0, 0, 0, 0);\">.<\/mark><\/p>\r\n\r\n\r\n\r\n<p>Section 5.17 (Present Housing Expense &amp; Verification of Rent) has not had its content changed, but the 2nd paragraph was updated for ease of use.<\/p>\r\n\r\n\r\n\r\n<p>Occupying borrowers in the 600\u2013639 FICO range making a present housing payment in the form of rent at the time of application:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>If renting from an LLC or management company, a twelve-month verification of rent (VOR) is required to document rent paid<\/li>\r\n<li>If renting from relatives or individuals, twelve (12) months of canceled checks or bank statements are required to document the payment history<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><mark class=\"has-inline-color has-white-color\" style=\"background-color: rgba(0, 0, 0, 0);\">.<\/mark><\/p>\r\n\r\n\r\n\r\n<p>Section 7.22.2 (Second Loan Documentation Requirements) has been updated to not require a 2nd lien loan application in most instances:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>2nd Lien Loan Application\r\n<ul>\r\n<li>Note: Not required when the 2nd lien loan application has been disclosed appropriately in conjunction with the 1st lien application<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n","protected":false},"excerpt":{"rendered":"<p>Version 11.10 All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 02\/03\/2022 unless otherwise&#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":[334],"class_list":{"0":"post-12196","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-updates-and-announcements","7":"tag-program-guidelines"},"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 February 3, 2022 | Chenoa Fund - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Get the latest updates on Chenoa Fund&#039;s program guidelines effective February 3, 2022, including changes to credit score requirements.\" \/>\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\/22-02-03-announcement-february-3-2022-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 February 3, 2022 | Chenoa Fund - 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