DPA
FHA Fixed and ARMs
(Codes: F5DP, F3DP, FADP, FA3D, FAD5)
***PRODUCT DELETION***
Effective after August 15, 2008, applications involving seller-funded DPAs will NOT be accepted. All loans with seller funded DPAs must be final approved, including appraisal and all prior to closing conditions on or before October 1, 2008.
Downpayment
Seller Funded DPA
All Seller Funded Down Payment Assistance (DPA) programs are being discontinued.
This change is in response to legislation H. R. 3221.
After October 1, 2008, any changes that require the loan to be resubmitted to AUS or cause the DE Underwriter to change the date on the MCAW would result in the loan being ineligible for a seller funded DPA.
***REMINDER***
FHA Fixed and ARMs
As of July 14th, when a loan is submitted through AUS without a case number, AUS will use TOTAL version 2.0.
When a loan is submitted or resubmitted through AUS with a case number, the date the case number was assigned will determine which version of TOTAL will be used. For case numbers assigned prior to July 14th, AUS will use TOTAL version 1.2. For case numbers assigned on or after July 14th, AUS will use TOTAL version 2.0. Case numbers transferred from another lender will be based on the original case number assignment date.
Total version 2.0 is designed to be more tolerant due to Risk Based Premiums. As a result, a loan that received an Accept/Approve through version 2.0 may not receive an approval when submitted through version 1.2.
(Codes: F5DP, F3DP, FADP, FA3D, FAD5)
***PRODUCT DELETION***
Effective after August 15, 2008, applications involving seller-funded DPAs will NOT be accepted. All loans with seller funded DPAs must be final approved, including appraisal and all prior to closing conditions on or before October 1, 2008.
Downpayment
Seller Funded DPA
All Seller Funded Down Payment Assistance (DPA) programs are being discontinued.
This change is in response to legislation H. R. 3221.
After October 1, 2008, any changes that require the loan to be resubmitted to AUS or cause the DE Underwriter to change the date on the MCAW would result in the loan being ineligible for a seller funded DPA.
***REMINDER***
FHA Fixed and ARMs
As of July 14th, when a loan is submitted through AUS without a case number, AUS will use TOTAL version 2.0.
When a loan is submitted or resubmitted through AUS with a case number, the date the case number was assigned will determine which version of TOTAL will be used. For case numbers assigned prior to July 14th, AUS will use TOTAL version 1.2. For case numbers assigned on or after July 14th, AUS will use TOTAL version 2.0. Case numbers transferred from another lender will be based on the original case number assignment date.
Total version 2.0 is designed to be more tolerant due to Risk Based Premiums. As a result, a loan that received an Accept/Approve through version 2.0 may not receive an approval when submitted through version 1.2.
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