Does Arch MI accept borrowers with Non-Traditional Credit when no borrower on the loan has a credit score?-
Does Arch MI accept borrowers with Non-Traditional Credit when no borrower on the loan has a credit score?
Yes, Arch MI will accept borrowers with Non-Traditional Credit. The loan may be a purchase or rate/term refinance on a one-unit at 95% LTV up to the current Agency conforming loan limit with a maximum DTI of 45%. For full details on documenting Non-Traditional Credit References, please see Section 3.12.02.01 of the Arch MI Underwriting Manual – https://mi.archcapgroup.com/Portals/1/Documents/Guidelines/ArchMI_UWManual_NR.pdf
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.