Mortgage based on credit score
[DOCX File]A Summary of Your Rights Under the Fair Credit Reporting Act
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Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it. In some mortgage transactions, you will receive credit score ...
[DOC File]Assistant Secretary for Housing-Federal Housing Commisioners
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Borrower Disputes Credit Score. If the mortgage applicant(s) disputes the accuracy of the credit report and, thus, the credit scores: The borrower may delay the transaction and work to repair his/her credit, or. The borrower may pay the mortgage insurance premium based on the credit score generated (and LTV) Non-Traditional Credit
[DOC File]Fair Credit Reporting Act Procedures - Bankers Online
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The Credit Score Notice will be included on the mortgage loan document checklist and Home Equity Line of Credit checklist. A loan cannot be closed and funded unless the Notice to Home Loan Application and the Credit Score Notice have been provided to the customer, as noted on the checklist. (sample) NOTICE TO THE HOME LOAN APPLICANT
singlefamily.fanniemae.com
We are uncertain as to the impact on your credit score, particularly if you are current on your mortgage or otherwise have a good credit score.] Once your loan is modified, you will be considered current on your mortgage and your credit score may improve so long as you make your payments on time.
[DOC File]Assistant Secretary for Housing-Federal Housing Commisioners
https://info.5y1.org/mortgage-based-on-credit-score_1_df1c80.html
That "decision" credit score is then used to determine whether the loan is eligible for FHA mortgage insurance. Applications where the decision credit score is below 500 are not eligible for FHA-insured financing unless the loan-to-value ratio is less than 90 percent.
[DOCX File]www.coreplus.org
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The Loan To Value (LTV) ratio is based on the appraised value of collateral (property or security) for the loan minus any first (1st) mortgage balance. Use of a 90% LTV requires credit score (i.e. FICO score) of 680 or higher to qualify and raises the Annual Percentage Rate (APR) +1.00% over the advertised rates.
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