Non-Traditional Credit-                Florida no credit score VA mortgage applicants who have no established credit references may be eligible using non-traditional credit references. A minimum of 3 credit references each rated for 12 months is required. There can be no housing 30 day lates and maximum 1×30 day late payment with the other credit references in the previous12 months. There can be no major adverse or public records filed in the last 12 months. Non-traditional credit references may NOT be used to offset derogatory pay histories on traditional credit. Non-traditional credit may not be used to manufacture credit for borrowers with no credit history or enhance a credit history of a Florida mortgage applicant with derogatory pay histories. Refer to Florida-Mortgage-Lenders.com FHA Lending Guides for additional information regarding the use of non-traditional trade references. All loans with non-traditional credit require a manual underwrite, maximum financing is allowed with a minimum of 2 compensating factors, maximum DTI of 41%, 2 months PITI reserves required, gift funds not allowed, 2 years tax returns and tax transcripts required, and must follow standard VA mortgage guidelines as outlined.

Insufficient Credit History- Florida VA mortgage applicants with insufficient credit history may be eligible with adding non-traditional trade references. Non-traditional trade references may not be used to overcome poor pay histories of traditional credit. When using non-traditional trades to supplement an insufficient credit history, a minimum of 3 trade references rated for 12 months is required. VA Loans with insufficient credit history are to be run through the AUS. At the SAR Underwriter’s discretion, the loan may be downgraded to a manual underwrite. Additional trade references or asset documentation may be required regardless of the AUS Findings. The max DTI for borrowers with insufficient credit history is 41%. Compensating factors for higher ratios are not applicable. 2 months PITi reserves after closing are required. Gift funds may not be used for reserves.

FICO-Minimum FICO = min 550 credit score required and 2 reported credit scores required. Refer to Non-traditional credit section for borrowers with no established credit.

VA Mortgage After A Bankruptcy-Ch. 7 discharged for 24 mos. Discharged Ch. 13 requires 12 months satisfactory pay history and court permission to enter into transaction. Consumer counseling services must be paid in full prior to closing.

Social Security Numbers              – Required for ALL borrowers

Non-medical collections > $7500 may be required to be paid regardless of AUS findings. Manually underwritten loans:

– Medical collections > $10,000 may be required to be paid prior to or at closing.

– Non-medical collections > $7500 may be required to be paid prior to or at closing.

– Manually underwritten loans with non-medical collections > $7500 and DTI > 41% require a minimum of 2 compensating factors.

Judgments/Liens- All outstanding judgments and liens must be paid prior to or at closing. Includes judgments and tax liens of non-purchasing spouse.

Foreclosure / Deed-in-lieu– Must be >2yrs from date of trustee’s deed. Documentation required, credit report is unacceptable. (CAIVRS-if applicable).

Late Payments- VA Credit Standards apply

Minimum Payment- 5% of outstanding balance for revolving accounts if no payment is indicated

Minimum trade lines-  – no specific requirement. However, must meet the minimum FICO requirement and receive AUS approval. Manual Underwrite – refer to non-traditional credit and insufficient credit sections for requirements.

Mortgage/Rental History – per AUS decision. Mortgage/Rental Delinquencies: Loans will be ineligible if there is one or more housing delinquency that is 1×30

Manual underwriting – VOM/VOR with 0x30 in the previous 12 months required.

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