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.
- Condo - Less Than 4 Stories
- 3-4 Unit Properties Require All Traditional Tradelines/credit Accounts on the Credit Report
- Owner-Occupied Only
- 1, 3 and 5 year ARM
- 15 and 30 year fixed
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
Reference# - 245091114