Nontraditional Credit Loan Program
This loan is for borrowers that don't have or don't have enough traditional credit; credit that is reported to the 3 credit bureaus. The underwriter will require 3 credit accounts with a 12 month minimum history. These 3 pieces of "credit history" can be any combination of both traditional and Non-traditional credit and can come from either the borrower or co-borrower for a total of six, minimum.
Underwriting Guideline Highlights
640 Credit Score required.
Authorized User tradelines do not qualify.
3-4 unit properties require all traditional tradelines/credit accounts on credit report.
Traditional tradelines can come from either the borrower or co-borrower or both.
Condo - less than 4 stories
Owner occupied only
1, 3 and 5 year ARM
15 and 30 year fixed
Reference# - 245091114256