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Monthly Archives: June 2008
FHA Non-traditional Credit
MORTGAGEE LETTER 2008-11 TO: ALL APPROVED MORTGAGEES SUBJECT: Nontraditional Credit Verification and Evaluation The Federal Housing Administration (FHA) has long permitted mortgage lenders to establish a borrower’s credit history through nontraditional means, including the compilation of performance on rental payments; … Continue reading
FHA RISK BASED PREMIUMS
MORTGAGEE LETTER 2008-16 TO: ALL APPROVED MORTGAGEES SUBJECT: Risk-Based Premiums for FHA Mortgage Insurance Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based premiums on one- to four-unit single family mortgages. The premium matrix … Continue reading
Posted in Mortgagee Letter
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FHA Seller Funded Down Payment Under Attack…Again!
The Bush Administration renews its efforts to address risky government-backed seller-funded downpayment assistance loans that are significantly more likely to lead to foreclosure. HUD’s Federal Housing Administration (FHA) will reopen the public comment period on a proposed rule that would … Continue reading
Posted in FHA Down Payment, FHA Rules
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FHA Lifts 90 Day Property Flipping Rule
>> UPDATE: WAIVER OF 90 DAY REQUIREMENT SIGNED BY BRIAN D. MONTGOMERY The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties. For … Continue reading
Posted in FHA Rules
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FHA Under 580 Credit Score
Are you looking for an FHA loan with a credit score under 580? It is possible to obtain an FHA mortgage loan with a credit score under 580. To locate an FHA lender to approve a mortgage loan with a … Continue reading
Posted in FHA Under 580
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