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| CitiMortgage | Credit | Re-established Credit | Nontraditional Credit: When nontraditional credit is used to assess credit risk, the borrower’s credit history needs to consist of a minimum of 4 different reference sources (or three sources, if the borrower’s rent covers utility payments) each of which have at least a 12-month history. The borrower’s credit history may be documented by a nontraditional mortgage credit report or one of the other acceptable nontraditional credit sources listed later in this section. For borrowers with non-traditional credit, the maximum LTV is limited to 95%. A CLTV up to 105% is permitted with an approved Community Second. |
| GMAC | Credit | Re-established Credit | Re-established Credit - * All accounts must be current as of the date of the application * Minimum of four traditional credit references, at least one being housing-related “Authorized User” accounts cannot be used to satisfy minimum credit standards. * Three of four trade lines must have been active in the last 24 months, including a mortgage or rental reference * If rental payments were not reported to the credit repositories, copies of bank statements, money orders, or canceled checks for the most recent 12-month period must be provided, in addition to the rental verification * No housing payments may have been past due since the date of discharge of bankruptcy or satisfaction of foreclosure * No more than two installment or revolving payments 30-days past due in past 24 months * No installment or revolving payments 60 or more days past due since the date of discharge of bankruptcy or satisfaction of foreclosure * No new public records for bankruptcy, foreclosure, deeds in lieu, pre-foreclosure sales, unpaid judgments, collections, garnishments, liens, etc., since the date of
discharge of bankruptcy or satisfaction of foreclosure * Evidence that the Borrower' credit history does not contain multiple revolving accounts with high balances-to-limits or high overall utilization of revolving credit * Non-traditional credit is not acceptable Loans receiving a DU Approve/Eligible or LP Accept do not need to follow the above re-established credit guidelines. |
| ING Mortgage | Credit | Re-established Credit | A minimum of 24 mos. seasoning on revolving and installment credit as well as a mortgage
loan, and
- No late payments on any loans in the past 24 months |
| SunTrust | Credit | Re-established Credit | • minimum four (4) credit
references (one must be a
traditional credit reference and
one must be housing related),
• at least 3 credit references must
have been active 24 months
before application and all
accounts must be current as of
loan application,
• no more than 2x30 day lates on
installment or revolving debt in
the 24 month before loan
application,
• no 60+ day lates on installment
or revolving debt since
discharge,
• no past due housing payments
since discharge,
• no new public records for
bankruptcies, foreclosures,
deeds-in-lieu, unpaid judgments,
unpaid collections,
garnishments, liens, etc. since
discharge, and
• minimal usage of revolving
accounts, including accounts
with high balances-to-limits (i.e.,
balances should not typically be
more than 50% of the limits).
• A credit score of 660 should be used as
a benchmark to identify problems. |
| Wells Fargo | Credit | Re-established Credit | • 24 months re-established credit required, including the following:
• No 60+ consumer lates
• No more than two 30+ consumer lates
• No mortgage or rental payments past due |
| Merrimack Mortgage | Credit | Re-established Credit | Borrower must have re-established a satisfactory credit history and demonstrated the ability to manage financial affairs prudently. The bankruptcy, mortgage foreclosure or deed-in-lieu of foreclosure must have re-established a credit record for an elapsed time of 7 years. * Massachusetts Housing Finance Agency - 30 Year Fixed Rate - Bankruptcy must be discharged for 2 years and have re-established credit. |
| Mortgage Services III | Credit | Re-established Credit | *A minimum of 5 credit references, active within the past 24-months, with at least 1 of the references being “traditional” (credit card, installment loan for a car, etc.) and 1 being housing related.
*If the housing item is not listed, copies of cancelled checks are required.
*Housing: No payments past due since the discharge or completion of the bankruptcy.
*Installment and revolving: No more than 2 that were 30 days past due in the most recent 24-months, and none 60 or more days past due since the discharge or completion of the bankruptcy.
*No new public records for bankruptcies, foreclosures, deeds-in-lieu, unpaid judgments or collections, garnishments, tax liens, and so forth since the discharge or completion of the bankruptcy. |
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