Mortgage Insurance Guidelines Eased at Radian
On One Underwrite mortgages approved through automated underwriting systems, the minimum FICO score on investment properties has been dropped to 680.
Radian explained that the lower credit score applies to AUS responses of "Approve," "Accept/Eligible" and "Ineligible" on both purchase financing and refinances.
The
Loan-to-value ratios on FHFA high-balance new-construction and construction-to-permanent One Underwrite loans with 12-month commitments and AUS responses of "Approve" and "Accept/Eligible" have been raised to 95 percent.
Radian's medical professional program has been expanded to include medical professors with at least 60 percent of their earnings coming from an active medical practice.
Also now eligible for the program, which doesn't require AUS, are physician assistants.
The mortgage insurer added a tier to the medical professional program that allows the LTV ratio to go as high as 97 percent on conforming loan amounts as long as the FICO score is at least 700 and borrowers contribute at least 3 percent of their own funds.
Second homes and attached condominiums are now eligible for the super jumbo program with loan amounts up to
The changes impact all M.I. applications received today or later.
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