FICO Scoring
Requirements
You must ensure that all individual BorrowersBorrowersPerson who is the obligor per the Note. , Key PrincipalsKey PrincipalsPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty. , GuarantorsGuarantorsKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. , and PrincipalsPrincipalsPerson who owns or controls, in the aggregate, directly or indirectly (together with that Person's Immediate Family Members, if an individual), specified interests in the Borrower per Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals, Section 303: Key Principals, Principals,… meet the Minimum FICO Requirement in Form 4660.
Guidance
To determine that the Minimum FICO Requirement is met, follow these guidelines:
|
If… |
Then… |
|---|---|
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You obtain credit reports from 2 of the 3 credit information services for a Borrower, Key Principal, Guarantor, or Principal |
Use the lower of the 2 scores. |
|
You obtain credit reports from all 3 credit information services, for a Borrower, Key Principal, Guarantor, or Principal |
Use the middle score. |
| A Small Mortgage Loan has multiple individual Borrowers, Key Principals, Guarantors, or Principals | Use the average of their respective FICO scores. |