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higher credit threshold

Gifts and Grants can be considered towards borrowers funds on certain 3% down conventional loans

March 14, 2011 by · Leave a Comment 

Yes, you read that right. I just got an email today from a leading mortgage insurance company that is willing to underwrite this loan. You will need at 740 or better score. But, what an opportunity. In many ways, this is like FHA, but with a little higher credit threshold. The KEY difference, besides credit score, is the lack of an upfront MI (mortgage insurance) premium and as well as a smaller required monthly premium. This product could be a game changer for the MI company and conventional loans.

 

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St Louis Park Homes | St Louis Park Real Estate