What are the underwriting, credit score, and DTI guidelines for Fannie Mae HFA Preferred?

Fannie Mae HFA Preferred

DU finding of approve/eligible and meet all other guidelines listed in this Program Summary. (HFA Preferred is available through DU using the “Additional Data Screen – then select HFA Preferred.)

Property TypeMaximum
LTV
Maximum
TLTV/CLTV
Maximum
DTI
Minimum
Fico
Required Reserves
1 Unit
Condos/Townhomes
97%105%45%640As determined
by DU
1 Unit
Condos/Townhomes
97%105%45.01 - 50%680As determined
by DU
Manufactured Homes -
Multi Section only
95%105%45%680As determined
by DU
MH Advantage97%105%45%680As determined
by DU

Must follow Fannie Mae HFA Preferred Manufactured Housing Guidelines and US Bank Manufactured Housing Guidelines as posted on US Bank Website (scroll to Housing Finance Agency Services and click Learn More)

Fannie Mae MH Advantage – Must have MH Advantage sticker affixed to manufactured home.

MANUAL UNDERWRITING GUIDELINES  – Loans may be manually underwritten for erroneous, inaccurate, or insufficient credit.   

EXCEPTION:  Manual Underwriting is not allowed on Manufactured Housing

  • For Fannie Mae HFA Preferred if one or more borrowers have no credit score, lenders must follow Fannie guide chapters B5-6-03 and B3-5.4-01, B3-5.4-02, and B3-5.4-03 for manual underwriting with non-traditional credit.
  • If the HFA, GSE, or MI require more in reserves as listed in LTV / DTI / FICO tables below; the greater number of months must be documented.
Property TypeMaximum
LTV
Maximum
TLTV/CLTV
Maximum
DTI
Minimum
Fico
Minimum
Required
Reserves
1 Unit
Condos/Townhomes
95%105%36%6802
1 Unit
Condos/Townhomes
95%105%36%6606
1 Unit
Condos/Townhomes
95%105%45%7202
1 Unit
Condos/Townhomes
95%105%45%7006

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