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

Purpose: Purchase & Cash Out Refinance


Required Credit Criteria:

  • Traditional Tradelines Can Come From Either the Borrower or Co-Borrower or Both.
  • Authorized User Tradelines Do Not Qualify.


Property Types:

  • SFR
  • Condo - Less Than 4 Stories
  • 3-4 Unit Properties Require All Traditional Tradelines/credit Accounts on the Credit Report


Occupancy:

  • Owner-Occupied Only


Terms:

  • 1, 3 and 5 year ARM
  • 15 and 30 year fixed

 

States:

Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming 

 

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