Veronica G

Monthly alimony, child support, or separate maintenance fees must be included in the borrower’s debt-to-income ratio. The file should contain supporting documentation as evidence of the obligation,...

Step 1Borrowers can connect to their personal and business bank accounts with Plaid CRA.Note: A minimum 680 FICO is required to utilize business bank accounts.Plaid CRA communicates directly with t...

Step 1For W2 borrowers only, the lender accepts The Work Number (TWN) or Truwork for a direct match into a payroll system. If there is a successful hit, then the employment history is pulled for pa...

Overview Qualified borrowers are invited to submit a prequalification application.A borrower and/or Mortgage Loan Officer (MLO) may submit the application for pre-screening using a waterfall approa...

Collections and charge offs must be paid off at or before closing. Exception: They may remain open when they are:Less than twenty-four (24) months old with a maximum loan balance of $2,000;Twenty-f...

Judgments and tax liens must be paid off at or before closing.

Bankruptcy (Chapters 7, 11, 13)Waiting period of four years from the discharge or dismissal dateForeclosureWaiting period of seven years from the discharge datePre-Foreclosure/Deed-in-Lieu/Short Sa...

Past-due consumer debts (Installment and Revolving) can be no more than ninety (90) days past due at the time of closing. Rolling late payments are considered delinquent for each late occurrence. D...

FICOs 640+: 0x30x6 / 1x30x12FICOs 600-639:0x30x12Note: Housing history requirements apply to all financed propertiesIf the subject property is owned free and clear, then the subject property is con...

Use the primary wage earner’s credit score as the representative credit score.The minimum FICO score is 600.Note: The Heloc program utilizes an Equifax-only FICO 8. The lender will not consider bro...