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credit analysis: FHA's Mortgage Credit Analysis and what it means to You! - 03/24/08 11:46 AM
In the current market with FHA taking a new well deserved stronghold in the number of 1st mortgage applications it's important for those of us both novice and experienced to reflect on how to properly submit a "file" to a DE Underwriter for review and approval.
Here's our scenario:
You've completed your 1003 and pulled a credit report for your applicants. Upon review of the credit you notice the following:
Scores: 551, 560, 563 Inquiries: 2 Inquires in the last 12 months. 1 Auto, 1 credit card - both now reporting as active accounts Trade-lines: 4 accounts: 1 Open Auto Loan for $12,000 with … (3 comments)
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credit analysis: FHA's Mortgage Credit Analysis and what it means to You! - 03/24/08 11:43 AM
In the current market with FHA taking a new well deserved stronghold in the number of 1st mortgage applications it's important for those of us both novice and experienced to reflect on how to properly submit a "file" to a DE Underwriter for review and approval.
Here's our scenario:
You've completed your 1003 and pulled a credit report for your applicants. Upon review of the credit you notice the following:
Scores: 551, 560, 563Inquiries: 2 Inquires in the last 12 months. 1 Auto, 1 credit card - both now reporting as active accountsTrade-lines: 4 accounts: 1 Open Auto Loan for $12,000 with a balance … (2 comments)
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Chaz Ramirez
Atlanta,
GA
More about me…
DE Underwriter, Trainer, HUD Title II Approval Consultant
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