fha guidelines: 500
- 04/28/18 05:00 AM
Did you know that FHA can insure a mortgage for a borrower with a score as low as 500? Of course, nothing comes free and nothing comes easy with that 500 score, but it can be done.
When other lenders tell you that you need a 580 or 620 or 640, those are restrictions unique to THAT particular lender.
As always, call me or text me for further clarification at 1-216-780-1103.
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fha guidelines: Today's word of the day -- "Overlay"
- 04/15/18 04:37 AM
The world of mortgage lending is confusing to many and what is even more confusing to borrowers and real estate agents is the difference in information for qualifying from one lender to another.
This is why everyone must first learn the word OVERLAY. What does overlay mean in the context of mortgage lending?
As an example, FHA has a set of guidelines. Since they make the rules on FHA loans, lenders can make the FHA guidelines "more" restrictive if that particular lender so chooses. Ultimately, FHA does not give the loan, whichever mortgage lender the borrower is going with gives the loan.
Did you know that FHA can insure a mortgage for a borrower with a score as low as 500? Of course, nothing comes free and nothing comes easy with that 500 score, but it can be done.
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