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 |
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