10-15-2013 03:10 PM - edited 10-15-2013 03:13 PM
Last time I looked, if you had under a 680 and less then 20 percent down then the backend ratio tops at 35 percent going conventional.
in April i did a 626 with 5% down at 45.5%
depends on automated
just about anyone should have the same.
10-15-2013 07:18 PM
I had a middle score of 670 something with 10 percent down and when I tried conventional I got an EA1 or something like that..
EA1 = expanded approval.... think of it as a downgrade to manual underwrite. those are going away.... in January I think.
you got that as a result of the whole file..... NOT because of score and down payment
10-16-2013 07:15 AM
I close loans with scores lower than 670 with 5% down without a problem. The EA-1, meaning not approvable by most standards today, indicates that there are other issues that the automated system found. You have to have some compensating factors to outweigh the weaknesses.