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URL:  http://boards.fool.com/fha-still-in-subprime-lending-30311255.aspx

Subject:  FHA still in subprime lending Date:  10/10/2012  2:01 PM
Author:  CCinOC Number:  124376 of 127523

Tell your friends! From a lender's email flyer...

Don't Be Scared of LOW FICO's!

FXdew Mortgage - Irvine Branch funded $20 million last month. And our corporate office funded 2,300 loans under 620 FICO in 2011.

FVgre Mortgage Corporation is a Direct Lender with 37 years of experience in government lending. We believe careful analysis of credit, income, assets, and collateral should be the determining factor of loan worthiness, not credit scores alone.

FHA FICO 620-640
DU Approve or Manual Underwrite
Disputed Accounts - follow HUD guidance
CHF Platinum for qualified applicants, 3% Grant in CA Onlyap
All other FHA Guidelines Apply

FHA FICO 580-619
DU Approve or Manual Underwrite
DTI to 50%
Isolated Late Payments ok with DU Approve
Disputed Accounts - follow HUD guidance
Collections over $5,000 subject to UW discretion
12-month Verification of Rent or Budget Letter
Homebuyer Education Course
CHF Access for qualified applicants, 3% 2nd mortgage in CA Only
All other FHA Guidelines Apply

FHA FICO 500-579
Same requirements as FICO 580-619
10% down payment
All other FHA Guidelines Apply

FHA NO FICO
Max Housing Ratio 31%
VOR + 2 alternative trades OR 2 months PITI cash reserves
All other FHA Guidelines Apply
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