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HOUSING AND URBAN DEVELOPMENT FHA TOTAL Mortgage Scorecard User Guide 1/22/2013 FHA TOTAL Mortgage Scorecard User Guide TABLE OF CONTENTS INTRODUCTION.........................................................................................................................
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The FHA Total Mortgage Scorecard is a tool used by the Federal Housing Administration to evaluate and assess the overall risk of a borrower applying for an FHA-insured mortgage.
Lenders are required to file the FHA Total Mortgage Scorecard when processing applications for FHA-insured mortgages.
Lenders must input relevant borrower information and necessary financial documentation into the FHA Total Mortgage Scorecard in order to generate a risk assessment.
The purpose of the FHA Total Mortgage Scorecard is to determine the creditworthiness and risk level of borrowers applying for FHA-insured mortgages.
The FHA Total Mortgage Scorecard requires information such as credit scores, income, debt-to-income ratio, and employment history.
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