Sentences with phrase «on nontraditional credit»
Beginning Jan. 1, Fannie Mae will require counseling for homebuyers relying on nontraditional credit or obtaining a MyCommunityMortgage loan to by a single family home.
https://www.inman.com/ Not exact matches
Ideal for borrowers who need to be evaluated on the basis of nontraditional credit.
IndyMac's aggressive growth strategy, use of Alt - A and other nontraditional loan products, insufficient underwriting, credit concentrations in residential real estate in the California and Florida markets — states, alongside Nevada and Arizona, where the housing bubble was most pronounced — and heavy reliance on costly funds borrowed from a Federal Home Loan Bank (FHLB) and from brokered deposits, led to its demise when the mortgage market declined in 2007.
Obtain some nontraditional credit references from companies or institutions to which you have made on - time payments for at least one year, including college tuition and health insurance.
However, nontraditional credit reports may not be used to enhance any poor credit history on a traditional credit report.
People with bad credit should consider nontraditional financing options — which tend to place less emphasis on credit scores — before giving up on getting a loan.
Ideal for borrowers who need to be evaluated on the basis of nontraditional credit.