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560 FICO Program
Pre-approval Requirements – completed 1003, 3-file merged Credit Report with all three risk scores and previous 2 years tax returns. Approved ALL 50 States > 560 Credit score minimum (all three scores) - must have three scores > 95% LTV Financing > 5% Downpayment (sourced and seasoned minimum 30 days) > Mortgage Insurance applies (if LTV is over 80%) > FULL DOC only > 50% DTI > 2 Years continuous employment (change in industry OK) > NO VOR > 2 Active Trade Line Requirement (0 x 30) > NO prepayment penalties > 30-year fixed financing > Rates start at 7.4% > No seasoning on flip properties with OFI contracts (title holder/seller must have title 90 days minimum) > Gift Letter same as assets (not verified or transferred) > MI applies and is tax deductible Owner /Occupied Only Single Family Only – Duplex’s at 90% Job time – continuous 2 years, change in industry OK. (Less than 2 years – case by case) Value range – 75k to 417K (above on a case by case basis) Collections, Liens and Judgements – not over total aggregate of 5K (if exceeds, can be paid down to qualify level) BK and Foreclosure – 24 months ... more
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