WebMar 1, 2024 · The lender is not required to obtain documentation of a rental payment history for other nontraditional credit borrowers on the loan. However, the lender must still document the minimum number of nontraditional credit references required for each nontraditional credit borrower. If two or more borrowers on a loan share the housing … WebApr 5, 2024 · The lender is responsible for determining whether the borrower’s explanation is reasonable and/or whether additional documentation (such as canceled checks) is necessary to disprove the adverse information. Lenders are not required to investigate disputed medical tradelines. For more information, see B3-5.2-03, Accuracy of Credit …
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WebMar 1, 2024 · Fannie Mae customers! ... , and confirm that the borrower has re-established an acceptable credit history. The lender must make the final decision about the acceptability of a borrower’s credit history when significant derogatory credit information exists. ... meets the minimum credit score requirements based on the parameters of the … WebApr 5, 2024 · Fannie Mae customers! ... Minimum credit score and reserve requirements based on the LTV ratio and combined qualifying ratios of all borrowers must be met per the Eligibility Matrix. See Section B3–5.4, Nontraditional Credit History, for additional requirements that apply when the transaction includes a borrower who does not have a … how to lift a trailer with torsion axles
Conventional Loans: What You Need To Know Rocket Mortgage
WebApr 5, 2024 · General Requirements. Credit reports must meet the following general requirements: The report must include both credit and public record information for each … WebMar 1, 2024 · There is no minimum reserve requirement if at least one borrower can document a rental payment history as one nontraditional credit reference. Otherwise, a minimum of 12 months reserves is required. See B3-5.4-02, Number and Types of Nontraditional Credit References, for additional information. A nontraditional credit … WebApr 5, 2024 · If a credit score is provided with the foreign credit report it cannot be used to establish eligibility, or be delivered to Fannie Mae unless the credit score is the classic FICO, as required by B3-5.1-01, General Requirements for Credit Scores. josh lilley gallery london