[JP Mortgage Services]

Credit   Guidelines

Your credit history is important. Your rate, future mortgage company, and potential loan are partially driven by your credit report. This does not mean if you have less than prefect credit your aren’t able to get a mortgage! Don’t let the credit bug thwart your dreams of home ownership!

Guidelines:

A  Impecable

  • No late mortgage payments last 12 months
  • Bankruptcy discharged or settled 3+ years
  • Forclosure discharged or settled 4+ years

A-   Minor blemishes in last 2 years
  • Fewer than two 30 day late mortgage payments
  • No 60 day late payments on revolving or installment
  • Bankruptcy discharged or settled 2+ years
  • Forclosure discharged or settled 3+ years

B  Acceptable blemishes in last 12 months

  • Up to four 30 day late mortgage payments OR two 30 day and one 60 day late mortgage payments
  • One 60 day late payment on revolving or installment
  • No 90 day payments on mortgage, revolving, or installment
  • Bankruptcy discharged or settled 18+ months with limited re-established credit
  • Forclosure discharged or settled 3+ years

C  Acceptable blemishes in last 12 months

  • Up to five 30 day late mortgage payments OR two 60 day late mortgage payments OR one 90 day late mortgage payment
  • No 120 day late payments on revolving or installment
  • Bankruptcy discharged or settled 12+ months with limited re-established credit
  • Forclosure discharged or settled 24+ months

C-  Multiple blemishes in last 12 months

  • Five or more 30, 60, or 90 day late mortgage payments
  • One 120 day late payment outside current period on revolving or installment
  • Bankruptcy discharged or settled 12+ months without re-established credit
  • Forclosure discharged or settled 12+ months

D  Erratic monthly payments

  • Currently in forclosure
  • Bankruptcy discharged or settled 1+ days

If you have any questions on what your credit guideline may be or have no credit at all,  please contact any of our loan officers for more information.