Non-Prime Mortgage Loan Program- 580 Credit Score
Update: since Ciovide, 620 is currently minimum credit score needed for the program
600 credit score - Primary borrower
The co-borrower must have at least a 580 credit score and also must not have more than 42% of total income.
Income documentation type: Full Doc
Maximum LTV:
- Purchase loan - 80% LTV
- Rate & Term refinance - 80%
- Cash Out refinance - 75%
Owner Occupied:
Maximum Loan Amounts:
- $800,000
Cash Out
- $300,000 to 75% LTV
- $200,000 to 80% LTV
Maximum DTI - 45%
Reserves Requirement
- Owner occupied - 3 months' principle tax and property insurance PITI plus an additional 3 months' PITI for every other real estate owned
Credit Notes
- Bankruptcy history: 1 year seasoned
- Foreclosure history: 1 day
- Short Sale history: 1 day
- Loan Modification history: 1 day
Credit Depth
- Active Tradelines - 3
- Total Tradelines - 6
- Credit History - 6 years
- Judgments and collections may be required to be paid-off before the closing date including tax liens and back-child support.
Permanent resident aliens OK with 660 Credit Score / FICO Score
First Time Homebuyer - OK to 80% LTV
States:
Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Kansas | Kentucky | Louisiana | Maine | Maryland | Nevada | New Hampshire | New Jersey | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Utah | Virginia | Washington