Nontraditional Credit Loan Program

This loan is for borrowers that don't have or don't have enough traditional credit; credit that is reported to the 3 credit bureaus. The underwriter will require 3 credit accounts with a 12 month minimum history. These 3 pieces of "credit history" can be any combination of both traditional and Non-traditional credit and can come from either the borrower or co-borrower for a total of six, minimum.

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Underwriting Guideline Highlights

640 Credit Score required.

Authorized User tradelines do not qualify.

3-4 unit properties require all traditional tradelines/credit accounts on credit report.

Traditional tradelines can come from either the borrower or co-borrower or both.

Purpose:

Purchase

Property types:

SFR

Condo - less than 4 stories

Occupancy:

Owner occupied only

Terms:

1, 3 and 5 year ARM

15 and 30 year fixed

 

Reference# - 245091114256