COVID-19 RELATED OVERLAY CHANGE - Amended
Updated April 8, 2020
HOD 2020.5A
Dear Participating Lenders,
The IHCDA Homeownership Department (HOD) is announcing the following change (amended) effective Monday, April 6, 2020:
- On all Ginnie mortgage loans with a FICO between 640 – 659, the following are required:
- One month PITIA reserves,
- The borrower(s) must be on their current job / employer a minimum of six (6) months,
-
Note: USB will review for these conditions.
Ginnie loans reserved on or before April 3, 2020, will not be subject to the changes stated above.
For a current overview of the Master Servicer overlays go to: http://www.homeownership.in.gov/ /Lender & Realtors/Servicer Overlays or click on this direct link: https://www.in.gov/ihcda/4118.htm
If you have questions, please contact either Account Manager: Brienn White at BWhite@ihcda.IN.gov or 463-203-7108 or Mark Doud at MDoud@state.in.us or 317-447-8156.
Sincerely,
IHCDA Homeownership Department
*This bulletin is an updated version of a bulletin posted internally within the DMS Online system titled: “HOB Bulletin 2020.5”
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