Bulletin 2021-085 Smart Series Product Update

SmartVest

Credit Event

Current Guideline

New Guideline

Foreclosure

Discharged or dismissed or at least four (4) years

Discharged or dismissed or at least four (4) years.

OR

Discharged or dismissed at least three (3) years subject to the following:

· Lessor of 70% LTV or product guidelines;

· Minimum 660 credit score; and

· Additional three (3) months reserves for the subject property.

Bankruptcy

Short Sale

Deed in Lieu of foreclosure

Pre-foreclosure

Mortgage Charge-off

Discharged or dismissed at least four (4) years.

Discharged or dismissed at least four (4) years.

OR

Discharged or dismissed at least two (2) years subject to the following:

· Lessor of 70% LTV or product guidelines;

· Minimum 660 credit score; and

Additional three (3) months reserves for the subject property.

SmartEdge

Bankruptcy

Foreclosure

Short Sale

Deed in Lieu of foreclosure

Pre-foreclosure

Mortgage Charge-off

Discharged or dismissed at least four (4) years.

Discharged or dismissed at least four (4) years.

OR

Discharged or dismissed at least two (2) years subject to the following:

· 0x30x12 housing payment history; and

· Non-warrantable condos are not permitted.

SmartSelf

Bankruptcy

Foreclosure

Short Sale

Deed in lieu of foreclosure

Pre-foreclosure

Mortgage Charge-off

Discharged or dismissed at least four (4) years.

Discharged or dismissed at least four (4) years.

OR

Discharged or dismissed at least two (2) years subject to the following:

· 0x30x12 housing payment history;

· LTV greater than 80% require a 5% reduction to LTV;

· Additional three (3) months reserves for the subject property; and

· Maximum loan amount of $1,500,000.