MMC Wholesale Overlays – We only have two!

  • At least one occupying borrower must have 3 credit accounts with a good payment history (max 1 x 30 days late).  The 3 accounts may be Open or Closed and must have been evaluated for at least 12 months subject to the following requirements:
    • At least one borrower must have a valid FICO score
    • AUS results must be DU Approve/Eligible
    • The Valid Score must be supported by 3 trade lines evaluated for at least 12 months each  This option does not require Agency Pricing
    • Exceptions for borrowers with 2 credit lines evaluated for 24 months each, where a borrower has completed homeownership education prior to closing consummation will be considered on a case by case basis.  Transactions approved using the 2 credit line exception will require Agency Pricing.
  • VA Interest Rate Reduction Refinance loans (IRRRL) up to 100% LTV (Mortgage Broker must have approval to do VA loans) .  A current appraisal is needed to validate LTV.