Good Morning!
Finally it appears the mortgage market is moving back towards more reasonable lending guidelines.
As of today I can now do automated approvals on FHA loans down to 600 fico scores!
This is pretty huge.
For a while I’ve been able to do FHA loans down to 580. However, this program has rigid manual guidelines.
The automated approval is a bit more flexible.
For instance, a manually underwritten FHA loan has a back end debt to income ratio of 43%. …With an automated approval you can get higher ratios approved.
This means more people will be able to qualify for loans. …Which means more buyers in the market. ….Which means values will begin to appreciate again.
It’s really good news all around.
If you want to see if you would qualify for this program – just give me a call or drop me an email.
I’ll be happy to help you.
I hope you have a good day. Thanks for reading this email!
Brett
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