Minnesota Administrative Rules

4900.0080 CREDIT REVIEW.

The agency may review, or cause to be reviewed, loan and mortgage applications for suitable credit worthiness. In evaluating credit worthiness the agency may consider:

A.

the percentage of applicant's income which can reasonably be expected to be spent on housing costs;

B.

the amount of applicant's outstanding debts;

C.

the applicant's employment history and likelihood of continued employment;

D.

the applicant's credit history;

E.

whether applicant has ever sought bankruptcy relief; and

F.

on a case-by-case basis, the general educational background and residential stability of the applicant.

Statutory Authority:

MS s 462A.06

Published Electronically:

June 11, 2008