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CREDIT REQUIREMENTS
MITIGATING UNACCEPTABLE FACTORS |
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Credit History -- Applicants must have a credit history that indicates a reasonable ability and willingness to meet obligations as they become due. A credit history reflecting any or all of the following is considered unacceptable credit history:
Two or more 30-day lates within the past 12 months.
One or more late rent payments in the past 2 years
Bankruptcy, foreclosure, charge-offs or secured debts within the last
3 years.
Outstanding collections may be paid off at close of escrow and noted on
the final HUD-1 or a repayment schedule for the unpaid collection may be
established.
Accounts converted to collections in the past 12 months
Outstanding tax liens or delinquent government debt with no satisfactory
arrangement for repayment.
Any outstanding judgements
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MITIGATING FACTORS TO UNACCEPTABLE CREDIT |
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Adverse credit waivers may be granted for mitigating factors to establish the applicant's intent to good credit. Lenders must document these circumstances which were beyond the borrower's control and have been removed:
Circumstances for adverse credit were temporary in nature, beyond the
applicant's control and have been removed. Examples: increased expenses
due to illness and/or medical expenses, injury, death, etc.
Tri-merge credit reports are required and must be no more than 90 days
old at the time the Conditional Commitment is issued
Applicants must not be delinquent on any debts owed to the Federal
Government
CAIVRs must be checked and documented on the loan application
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CLICK HERE TO CONTINUE »» |
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USDA Home | Calculators | Eligibility | Credit Reqirements
Property Requirements | Eligible Areas | Location | Contact
55569 29 Palms Highway
Yucca Valley, CA 92284
Direct Line: (760) 228-2076
Fax: 760-228-2319 Cell: 760-401-2638
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Licensed under the Dept of Corporations
www.mortgageloanking.info online from 2000
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