Changes being made by Radian Guaranty Inc. will make it easier to qualify for jumbo mortgages, loans for medical professionals and transactions with alternative downpayment sources.
For manually underwritten loan applications on borrowers who aren’t using their own savings for the downpayment, the minimum FICO score is being cut to 680.
The new minimum applies when applicants are using personal gifts and gifts of equity as well as grants from employers, non-profit organizations and non-profit credit unions.
Source: Mortgage Daily
