Greg do you run DU on all your deals even when they are not a 620+?

I had a level 2 on a 564 in December and did 5% down on a manufatured home. It was very nice.


If the borrower has reserves or if they have a good down payment or if you just get that funny feeling that they may qualify, always run them thru DU/DO. You never know what you will get and with the lower fico scores you could end up getting them something noone else can. I got a lady who had a 575 credit score an expanded approval 3 just the other month this way. I have also ran a 600 fico and gotten them an approve eligible. DU/DO supposedly doesnt use FICO score as a deciding factor but rather credit profile. So if they only have a few non mortgage lates and a 600 fico score, it might give them an approval over someone who declared bankruptcy 2 years ago who has a 680 score. I also think the time of the year has something to do with it. They supposedly change the guidelines every day on it so the best thing to do is to just try it.


On a sidenote.....Greg is correct about calling it a 2nd home being fraud. No 1 loan is worth losing your means of putting food on your family's table. Dont risk it.