Fannie Mae has made enhancements that now allow the assessment of Mortgages when no Borrower has a credit score and when not all Borrowers have a usable credit score.
Purchase or no cash-out refinance
1 unit property
All Borrowers must occupy the property as their Primary Residence
LTV, CLTV, HCLTV not to exceed 90%
The loan must be a Fixed-rate mortgage
High Balance Loans and Manufactured Homes not eligible
The debt-to-income ratio must be less than 40%
Reserves determined by DU
Approve/Eligible Finding required
Each Borrower must have at least 2 payment references in the US comprised of Nontraditional credit references and/or tradelines not appearing on the credit report. If 2 or more Borrowers have the same nontraditional credit reference, then the credit reference may count for each of those Borrowers.
Each nontraditional credit reference must have at least a 12 month consecutive payment history.
At least one Borrower must have a housing payment history as one of the credit references and have no 30-day or greater delinquency in the most recent consecutive 12 months.
For all other nontraditional credit references excluding housing payment reference, only one credit reference may have 1 30-day delinquency in the most recent 12 months and no 60-day or greater delinquencies in the most recent 12 months.
No collections (other than medical collections) or judgements filed in the most recent 24 months is allowed.
Judgements, liens, collections, and charge-offs of non-mortgage accounts must be satisfied.
Any derogatory credit references that appear on the credit report must be considered in the final underwriting decision. Nontraditional credit references cannot be used to offset a previous derogatory credit history. A Borrower with derogatory credit references such as bankruptcy or foreclosure must have re-established credit in accordance with B3-5.3-07.
One borrower must participate in a homeownership education program before the Note Date when the credit for all Borrowers is established using only nontraditional credit references.
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885 E Collins Blvd Ste 110
Richardson, TX 75081
My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender
J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.
