The program

Requirements

Every published standard, with the section it comes from.

Credit

Credit score

580 or higher

Middle of three, lower of two, tri-merged bureau.

Matrix 3.5

Below 580 or no score

Exception only

Requires strong compensating factors. Possible, not automatic.

Matrix 3.5.1

Tradelines

Minimum 2 with 24 months

Alternative tradeline histories may be considered.

Matrix 3.5

Bankruptcy Chapter 7

Discharged at closing

Must be recorded on the credit report.

Matrix 3.5.4

Bankruptcy Chapter 13

Discharged, or filed 12+ months with 12 payments

Matrix 3.5.4

Foreclosure, deed-in-lieu, short sale

Not within 1 year of closing

Some exceptions may apply.

Matrix 3.5.5

Debt to income

Maximum DTI

50 / 60

Above 50 needs strong compensating factors.

Matrix 3.6

Assets and reserves

Down payment

Minimum 3.5%

With no exceptions in the file, only the 3.5% is verified before closing.

Matrix 3.7, 3.7.1

Bank statements

2 months, most recent

Assets must be liquid at closing.

Matrix 3.7.2

Gift funds

Yes for closing, no for reserves

Gifts of equity are not permitted.

Matrix 3.7.3

Housing history

12 months documented

VOR, private landlord VOR, or Venmo, Zelle, PayPal if documented.

Matrix 3.8, 3.8.1

No documented housing history

640 score plus 3 months reserves

Unless modified requirements can be met.

Matrix 3.8

Mortgage history

0x30

Documented by credit report.

Matrix 3.8.2

Income

Income history

12 months documented

Calculated per FHA and industry standards.

Matrix 3.9

W2 employees

2 paystubs, prior year W2, WVOE

ITIN with a third-party SSN on the W2 needs 3 months of bank statements. Net deposits may be grossed up.

Matrix 3.9.1

Self-employed

Tax return, or P&L, or K1s and 1120s

Less than 12 months of self-employment may not be eligible.

Matrix 3.9.4, 3.9.2

Bank statements only

3-month average of eligible deposits

Minus net loss, then the expense ratio applies.

Matrix 3.9.5

Rent from the second unit

Allowed, counts at 75%

Only if the EEP home has more than one unit and the vacant unit is rented.

Matrix 3.9.9

Legal status

U.S. citizens

Eligible

Matrix 3.4

Lawful permanent residents

Eligible

Green card and SSN.

Matrix 3.4

Non-permanent residents

Eligible with ITIN

With documented proof of ability to repay.

Matrix 3.4

DACA

Eligible

Stated explicitly in the matrix.

Matrix 3.4

EAD holders

Dedicated EEP EAD program

Separate product matrix.

EEP EAD v1.1

Check yourself against these

Ten questions and an honest answer.

Open the tool

You meet the published standard

Possible, but only by exception

Not with the answers you gave

Get connected

Every application goes through a licensed loan originator.