Trade lines (who you pay bills to over time). Borrowers are required to have a minimum of 3 active trade lines. This may come from alternative trade liens ifthey are not present on credit reports.
Problems may arise when a husband and wife are planning to purchase a new home but all the household credit cards and utilities are billed to the man or the husband and wife jointly. Each individual person of the two borrowers must show a history of 3 freestanding credit lines.
Investments/401K/and Retirement Accoutns--lenders are now only able to use 60% of the present value. If the funds are being used as part of the down payment and conditions will also be required to show if any repayment is required and if so what the terms will be.
No comments:
Post a Comment