Is there a minimum number of tradelines required in order to consider a credit score as valid?
A credit score is considered valid, regardless of the number of tradelines, when the credit report accesses all three credit bureaus.
What is the minimum credit score requirement for mortgage insurance with Arch?
The minimum credit score allowed for our programs is 620. Please reference attached link for additional details regarding FICO scores, loan amount and LTV for programs offered by Arch MI. https://mi.archcapgroup.com/Underwriting/Guidelines
How do we qualify loans where one borrower has traditional credit and a co-borrower does not have a credit score?-
How do we qualify loans where one borrower has traditional credit and a co-borrower does not have a credit score?
With a valid DU® or Loan Product Advisor® (LPA) approval, Arch MI follows Agency requirements in accordance with our EZ DecisioningSM/SwiftcloseSM program, which does not have overlays specific to this area.
How do I enter a borrower with no credit scores into CONNECT?
When one (or more) borrowers have a credit score and one (or more) do not:
- Enter 0 in credit score for borrowers without a credit score.
- Enter correct credit scores for borrowers who do have a score.
- Pricing will be determined based off the lowest non-zero credit score.
When no borrower has a credit score:
- Customer must check non-traditional credit for the primary borrower – this will disable all credit score inputs.