All policy changes and updates are referenced below in the appropriate section of the CLG. These policy changes are effective April 26th, 2023 unless otherwise noted.<\/p>\n
This announcement, and previous announcements, are also available on the Announcements page of our website.<\/p>\n
These updates apply to everyone using the Chenoa Fund program\u2014correspondents and TPO.<\/p>\n
5.12 | Payment Shock Requirements<\/strong><\/p>\n Borrower(s) with a credit score of 659 and below – payment shock is not to exceed 150%.<\/p>\n Borrower(s) with a credit score of 660 and above – payment shock is not to exceed 175%. If payment shock exceeds threshold, an exception will be required.<\/p>\n No Primary Housing Expense\u00a0<\/strong>– credit score 640 and above: No Primary Housing Expense\u00a0<\/strong>– credit score 639 and below: All policy changes and updates are referenced below in the appropriate section of the CLG. These policy changes are effective April 26th, 2023 unless otherwise…<\/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":[],"class_list":{"0":"post-6087","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-updates-and-announcements"},"yoast_head":"\n
\nBorrower(s) with no primary housing expense, the maximum DTI is 33\/45% and will require a minimum of one month’s PITI reserves. If DTI exceeds 33\/45%, an exception is required.<\/p>\n
\nBorrower(s) with no primary housing expense will require an exception review.<\/p>\n","protected":false},"excerpt":{"rendered":"