A few years back FNMA updated their website to include a well designed, searchable, web based version of Allregs. In 2015 for the FHA program HUD created a sleek new all-inclusive guideline book that no longer requires DE underwriters to keep an extensive list of mortgagee letters.
New look for FHLMC Allregs
Now FHLMC is simplifying their version of Allregs using a straight forward numbering system, in lieu of its sellers trying to remember if the information was in selling guide one or two. This new system is much easier to navigate and comes with a GPS (guide position summary) to make sure you don’t get lost on the new format.
If I wrote this blog about the new look of the guideline book, that would really be boring and probably not very helpful. What would be of more interest is pointing out where to find some pretty major changes that came out over the last few months that will help you close more loans due to the expansion of the guidelines. Here is a partial list of the recent changes.
Super Conforming now has the same LTV’s as confirming (as of March 28)! (Bulletin 2016-3)
1-Unit investment properties now have rate and term refinances up to 85% (was 75%) (Bulletin 2016-3)
No longer discounting non liquid funds 30%-40% to qualify (Bulletin 2015-20)
Borrower no longer needs his/her own 5% down with a non-occupant co-borrower(Bulletin 2015-20)
AND finally, these two tied together is a pretty major change
Increased maximum financed properties from four to six homes on NOO and 2nd home transactions AND rental income may be used even if the borrower does not have a two-year history of managing rental properties (Bulletin 2015-12)