Is the Relief Refinance Mortgage eligible if the borrower has a low credit score?
The Relief Refinance Mortgage – Same Servicer does not have a minimum Indicator Score requirement unless the principal and interest payment on the Relief Refinance Mortgage increases by more than 20 percent in which case the minimum Indicator Score is 620. The Relief Refinance Mortgage – Open Access must be submitted to Loan Prospector and is eligible if it receives a risk class of Accept or Caution eligible for A-minus. If the mortgage receives a risk class of Caution and no A-minus eligible purchase eligibility message it must be manually underwritten and comply with the minimum Indicator Score requirements in Guide Chapter B24.3 (d)(iii).
Related Questions
- Is a mortgage eligible for the Relief Refinance Mortgage offering if the borrowers previous application for a refinance was cancelled or denied because the LTV ratio was too high?
- Does a property have to decline in value for a borrower to be eligible for the Relief Refinance Mortgage?
- Is the Relief Refinance Mortgage eligible if the borrower has a low credit score?
