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Credit Requirements

Residential Mortgage Credit Report (RMCR) from all three repositories is required.

All borrowers must have a minimum of one credit score meeting minimum requirements to be eligible.

If the credit report reflects the borrower has disputed credit information, the following applies:
– The current aggregate balance of disputed accounts cannot exceed $1000 and all disputed accounts must be included in the DTI. If the total current aggregate balance exceeds $1,000, the transaction is ineligible.

– Medical accounts may be excluded.

– Accounts where the creditor confirms an amount other than what’s on the credit report, the amount the creditor confirmed should be utilized.

– Borrowers may not pay down or pay off disputed accounts for qualification purposes without resolving the dispute and then obtaining a new credit report.

– If a borrower resolves a disputed account, a new credit report is required.

Installment Debt
Including debts with <10 months remaining, must be paid in full prior to or at closing to be excluded from DTI for qualification purposes.

Derogatory Credit
– Borrowers cannot have a prior bankruptcy of any kind in the past 7 years.

– Borrowers cannot have a prior foreclosure, deed-in-lieu, or short sale in the past 7 years.

– All judgements, collections, charge-offs and tax liens must be paid at or prior to close.