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What if the borrower has no credit bureau score? What happens in that event?

April 26, 2017borrower Credit bureau event happens score

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What if the borrower has no credit bureau score? What happens in that event?

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For those borrowers without sufficient trade lines to develop a credit bureau score, they will have to have a downpayment of at least 5% of their own money to qualify for FHA-insured financing and will pay 2.25% upfront. These borrowers can lower the premium to 2.00% by making a downpayment of 10% of their own money.