I wanted to let you know that we can now do FHA mortgages down to a 580 score!
However, this program does come with some guidelines that I want you to be aware of.
…So if you think you would qualify for this program please give me a call or shoot me an email and I’ll make it happen for you.
Here are the guidelines for this 580 to 600 fha program…
- Housing Ratios exceed 37% and DTI ratios exceed 45%.
- More than 25% of borrower’s income from child support – not allowed.
- More than 50% of borrower’s incomes from social security or pension.
- Loan amounts greater than $250,000.00.
- No housing payment history; no canceled rent checks or management ledger.
- Borrowers experiencing greater than 100% payment shock with no established savings pattern to offset the increase differential.
- Major derogatory or recent late histories within 24 months on refinance transactions – 12 months for purchase transactions.
- Maximum LTV for rate and term transaction; 97% LTV or more any transactions involving flipping.
- Bankruptcy or mortgage foreclosure within 3 years.
- DU refer/eligible.
- Borrowers with multiple properties shown on real estate owned.
- All identity of interest transactions, including gifts of equity.
- Any non-occupying co-borrower transactions where the primary borrower ratios exceed 40% for housing and 50% for DTI.
- Borrower’s traveling distance between subject and employment or current residence exceeds 30 miles.
That’s it for today!
Thank you for reading my email – and have a great day!
Brett