UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next
Author: CCinOC Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127262  
Subject: FHA still in subprime lending Date: 10/10/2012 2:01 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Post of the Day:
TMFDeej's CAPS Blog

Activist Investors Unlocking Value at LSB Industries?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement