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The Servicer must obtain a credit report for each Borrower on the Mortgage (or a joint report for co-Borrowers). The credit report must be no more than 90 days old as of the date the Servicer evaluates the Borrower for a short sale.
Fannie Maes Asset Depletion Income provides an innovative and inclusive avenue for mortgage qualification, especially for borrowers with irregular income but docHub assets.
Although the Fair Credit Reporting Act currently specifies that credit information is not considered obsolete until after seven years, and bankruptcy information after ten years, Fannie Mae requires only a seven-year history to be reviewed for all credit and public record information.
However, some may consider a higher DTI of up to 50% on a case-by-case basis. For FHA and VA loans, the DTI ratio limits are generally higher than those for conventional mortgages. For example, lenders may allow a DTI ratio of up to 55% for an FHA and VA mortgage.
This initial credit inquiry is standard for all mortgage applications. Occasionally, the lender will need to pull your credit report again while the loan is processed. Credit reports are only valid for 120 days, so your lender will need a new copy if closing falls outside that window.
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Allowable Age of Credit Documents Credit documents include credit reports and employment, income, and asset documentation. For all mortgage loans (existing and new construction), the credit documents must be no more than four months old on the note date.
All credit documents must be no more than four months old on the note date (that is, the closing date of the construction loan). Additionally, income, employment, and credit report documents must be no more than four months old at the time of conversion to permanent financing.

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