Credit Do’s and Don’ts During the Lending Process


Credit Do’s and Don’ts During the Lending Process
600 scores for FHA and VA (new program):
1) We have lowered our scores to 600 for FHA and VA only.
2) The same overlays that apply for 620-639 will just be extended down to 600.
3) The only extra overlay is AUS approval only for 600-619. We will not manually override a refer.

Manufactured Housing now available on FHA and VA (new program):
1) To many over lays to share here. Read the guideline launch that is attached. Min Score 680!

RPM Mortgage, Inc.

Credit Card over a Laptop

Did you know that your credit report is pulled twice during the lending process? Once in the beginning during the pre-approval stage and again right before your closing. During this time period it is imperative that you don’t do anything that could impact your credit score or your loan. Here’s what to do and not do to protect your credit while you are in the process of purchasing or refinancing a home.

Don’t Apply For New Credit

Refrain from taking out any new credit cards within the three to four months before you apply for a mortgage or while in the process of securing a loan. When you apply for a new line of credit with a company or retailer they will run your credit report to make sure you qualify for their card. This can decrease your credit score, which can push you into a lesser credit score category…

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