Fannie is also updating its underwriting process to approve loans for borrowers with nontraditional credit histories. (nationalmortgagenews.com)
Community Home Buyer's Program An alternative financing option that allows households that earn less than the median income (some restrictions apply) to qualify for mortgages using nontraditional credit histories, 33 percent housing - to - income and 38 percent debt - to - income ratios, and the waiver of cash reserves at closing. (vahomeloancenters.org)
This mortgagee letter provides guidance to lenders and underwriters for establishing and evaluating nontraditional credit histories and also describes FHA's acceptance of those enterprises that can develop a verifiable credit history, no less than 12 months in duration, for borrowers with limited traditional credit. (fhaloanpros.com)