MI Mortgage insurance faq | Fannie Mae update
Tuesday, February 26th, 2008Fannie Mae MI general guidelines update
- There’s a 575 minimum FICO credit score requirement on all loans that have mortgage insurance. 620 minimum if >95% financing.
- Investment properties and Alt-A programs require a 660 minimum FICO
- No higher than 97% financing for interest-only option financing
- Less than 620 FICO score will require A- pricing regardless of the loan-to-value or Automated Underwriting decision issued by FNMA.
- If property is considered to be in a “declining market”, the maximum financing will be reduced by 5%.
- Some mortgage insurance company websites include: ugcorp.com, genworth.com, RMIC.com, MGIC.com, smartermi.com, pmigroup.com, tgic.com, and radianmi.com. For more details go to FNMA’s website at eFannieMae.com
