Selling Guide

Published April 07, 2021

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What are the special feature codes for HomeReady?

Special Feature Codes

Special Feature Code 900 must be delivered for all HomeReady mortgage loans.

In addition, one or more of the following special feature codes may also be required for HomeReady mortgages:

  • loans with a Community Seconds —118,
  • loans where at least one borrower completed housing counseling —184, 
  • loans with financed mortgage insurance — 281, and
  • loans for borrowers with “thin” traditional credit files — 818.

Note: Loans where at least one borrower completed housing counseling from a HUD-approved agency are eligible for an LLPA credit. The housing counseling must meet the requirements of, and be documented on the Certificate of Completion of Housing Counseling (Form 1017)* in accordance with, B2-2-06, Homeownership Education and Housing Counseling. The loan must be delivered with SFC 184.

For additional information about these codes, see Special Feature Codes.

See also, B5-6-03, HomeReady Mortgage Loan Pricing, Mortgage Insurance, and Special Feature Codes, for complete details.

*For a complete list of forms used in fulfilling requirements contained in the Selling and Servicing Guides, see the Guide Forms page.

 

 

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