Mortgage: No more than two 30-day late payments during the last 12 months.
Qualified for 1st Mortgage Rate: 9.0 up to 10.99
Qualified for 2nd Mortgage Rate: 9.0 up to 12.75
Loan to Value: 1st) Up to 100% 2nd) Up to 125%
Debt to Income Ratio: Up to 45% for both first and second mortgages
Revolving: Major/Minor Credit - no more than 30 days delinquent on any account in last 12 months, except for minor occurrence up to 60 days (minor credit). Must have 4 open trade lines.
Collections/Judgments: More than $2,500 considered on a case by case basis. Must be satisfied prior to or at closing if applying for a mortgage.
Bankruptcy/Foreclosure: Discharged over 24 months and substantial re-established credit (i.e. installment loans, auto loans, etc. with NO delinquencies).