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WHEDA Home News - August 2008

Automated Underwriting (AU) Decisions

We are excited to announce the acceptance of an AU Approve/Eligible or an Accept/Eligible credit decision from DU® Version 7.0 or LP® for loan applications effective immediately.

Visit the Home Loan Origination Guide to review the terms under which the AUS credit decisions will be accepted. See the Procedures Chapter, Underwriting section.

Single-Wide Manufactured Housing

Effective immediately, single-wide manufactured housing is no longer eligible for WHEDA financing. The Home Loan Origination Guide has been updated to reflect this change.

Credit Eligibility Underwriting Change

Effective for loan applications received August 11, 2008, we will be modifying our credit eligibility guidelines regarding Bankruptcy, Foreclosure, Deed-in-Lieu, and Pre-Foreclosure Sale consistent with Fannie Mae Announcement 8-16.

If you have any questions regarding the information in this e-mail, contact Gene Weittenhiller at 1-800-334-6873 or via e-mail at gene.weittenhiller@wheda.com.