Wednesday, May 7, 2014

Do you have buyers with low credit scores?

FHA has always been a low down payment program to help people buy a home.  Today FHA loans have risen from 3% to 40% of all home loans closed.  Many people can get a home loan with FHA that could not qualify with conventional lenders.  There are many people that can get a home loan now that could not get them before.  See below for some of the new FHA underwriting guidelines.

 

  • 550 minimum FICO to 90% - conforming and high balance loan amounts
  • FHA can now finance 3-4 units
  • Non-Owner Occupied 1-4 units
  • Non-traditional credit available
  • No minimum trade lines
  • Mortgage history overlay removed
  • Modification overlay removed
  • Credit qualifying loan programs available
  • Condominium property types may be eligible
  • Manufactured housing property types may be eligible
  • Manual underwrite.  If it make sense, we can do it

 

With manual underwriting, if the buyers story makes sense, they will be able to get a loan.  You really need to talk with Max if you have talked to anyone in the last 6 months that told you they could not get financing.  FHA has changed and they may be able to get the financing your buyers need. 

 

 

 

For more information

Call Max Nasab today!

206-719-2694

maxn@mortgagemoneystore.com

 

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