Can I get an FHA loan if I used consumer credit counseling?

Mortgage and Lending with Sierra Pacific Mortgage Raleigh SPMNMLS1877NevinNMLS69651

fha loansIf I have used a consumer credit counseling payment plan am I still able to apply for an FHA loan?   The good news is, YES.  However there are some steps that must be taken.


Participating in a consumer credit counseling payment program does not disqualify somebody from obtaining an FHA  mortgage.  This is providing that the lender documents one year of the pay-out period has elapsed under the plan and that the buyers payment performance has been acceptable, meaning no late payments on accounts or rent.


It is imperative that the buyers loan officer help them receive written permission from the counseling agency to apply for an FHA loan.  There are many caveats to FHA financing and with it come many questions.  Feel free to contact us about this or any other mortgage related question.  We are always glad to help. 



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Nevin Williams II

Sierra Pacific Mortgage Company Phone: 888-206-5781 (919) 863-4370

NMLS #: 69651


5500 McNeely Dr #103 Raleigh NC 27612

Company NMLS # 1788 |

Rates, terms and programs subject to change based on market conditions and borrower eligibility

Licenses – Sierra Pacific Mortgage Company, Inc. is licensed in the following States:
North Carolina, Mortgage Branch License NMLS License # L-127865-113, Virginia MC – 5275
Licensed in California by the Department of Business Oversight under the Residential Mortgage Lending Act # 417-005
Rates subject to change without notice.  This is not a commitment to lend. Equal Housing Lender.

Sierra Pacific Mortgage may not be the lender for all products offered on this website.  Some loans may be made by a lender with whom Sierra Pacific has a business relationship.

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Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ

Good info!  It seems we need to take extra classes on this sort of stuff so that we can pass along good info to our clients.

Dec 21, 2010 11:54 PM #1
Angelina Clarke
REALNET Tampa Bay - Tampa Palms, FL

Great info!!  Thank you for sharing!! This is a topic that comes up quite often.  Thank You for sharing!

Dec 21, 2010 11:57 PM #2
Melissa McKinney
McKinney Realty Group - Fayetteville, NC

Nevin~ Great information! I would not have guessed that...but that is why you give the money and I find the houses!! :0)

Dec 21, 2010 11:59 PM #3
Carla Muss-Jacobs, Principal Broker/Owner | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% o... - Portland, OR
Buyer Focused ~ Buyer Results

Thanks for staying ahead of the hoops curves!

Dec 22, 2010 12:09 AM #4
Nevin Williams
Sierra Pacific Mortgage Raleigh - Raleigh, NC
Raleigh Mortgage Pro

Liz -  I never stop educating myself.  As soon as i do I become ineffective to my clients.  Cool thing about Active Rain is that you can read blogs to get the education you need!

Angelina - You bet!

Melissa - There are many things a Realtor must do to do their job wand I can;t begin to imagine all of the variances so I leave that up to the experts- you!  Money?  No problem.  Do it all day long. : )

Carla - Hoop! There it is!  Hoop! There it is!  Hoop! There it is!

Dec 22, 2010 11:17 AM #5
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