It's Back an FHA Loan with a 580 FICO - No this isn't a joke!

By
Mortgage and Lending with and for 1st Time Buyers, Move Up Buyers & Investors 207897nmls# DOC#207897
http://actvra.in/l6W

    Mark Taylor FHA New fico


It's Back an FHA Loan with a 580 FICO - No this isn't a joke!

With months of investor overlays, credit restrictions, and an overall hesitance by banks to lend but to only the "cream of the crop", financing to the masses of the population below 640 mid credit score or 20% of the country (source:http://www.creditscoring.com/average) has become very difficult.  

A statement of fact that I can already hear groans of "Durrrr" from my agent partners.

So what do we do to help our agent partners boost their business by 20%!  Or to be able to help almost every client that they meet by saying hey my mortgage guy can help you get into a house - or at the very least help you reduce the cost of your credit so when you are ready you can buy a home!

So how can we help you?

Simple launch a FHA loan program like: "It's Back an FHA Loan with a 580 FICO - No this isn't a joke!" that brings us back to the old days and designed to help more home buyers!

Mark get to the point!

So if your client has as 580 FICO mid score or greater they can now get a loan, they do not need a 640 or better mid score.

fico score

How does it work...

  1. debt ratios are 31/43% no exceptions
  2. all collections must be paid except medical
  3. bankruptcy must be 24 months since discharge NO EXCEPTIONS
  4. Foreclosure, DIL, Short Sale 36 months since date reported NO EXCEPTIONS
  5. no condos
  6. no loan amounts less than $75,000
  7. all loans are manually underwritten
  8. contracts cannot be entered into until an approval is issued
  9. no escrow hold backs
  10. no HUD homes
  11. loans cannot be locked until appraisal is received
  12. rates are based on current market and small overlays based on each credit tier - makes sense lower score higher rate based on risk factors.
Who does it help...
 
Anyone that wants a $75,000 or greater home, has 3.5% down from gift or savings, and wants a home and a way to build credit and enter the real estate market.
 
I am very excited because i have a 60 point FICO swing to work with an extra 20% of the market to help, and I now have to do less credit restoration for clients and there fore less buyer fall out - I hope you are as excited as me.  Feel free to contact me for more information EMAIL.

Thanks for reading my blog; It's Back an FHA Loan with a 580 FICO - No this isn't a joke!

close

Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Randall Thompson 10/11/2011 03:01 AM
  2. Daisy Anderson 10/20/2011 04:15 AM
  3. Benjamin Bustos 11/22/2011 02:50 PM
Topic:
ActiveRain Community
Location:
Arizona
Groups:
Posts to Localism
Dedicated Bloggers
"Whacked"!!!
Addicted to Active Rain
Bananatude
Tags:
mark taylor hud fha va usda investor jumbo and conventional mortgage loans in arizona and california

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
59,149
Kym Wright
Prudential California Realty - Olivenhain, CA

Mark - That is terrific for you, it really does help so many people that are on the cusp!  Good luck and I am sure you will be a hero to quite a few people!!

Oct 10, 2011 05:05 PM #1
Rainer
24,945
Laurie Sherman
Genrty Real Estate Group - FHA, VA, low down sales - Apache Junction, AZ
Phoenix AZ Home seller, Land bankingFirst time buyers, Investors

Thanks for the info Mark,  This is awesome news for all of us!

Oct 12, 2011 04:42 AM #2
Rainmaker
819,369
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Mark, I'm so glad this is back.  It really can help so many with home purchasing and give them a chance to rebuild their credit. 

Oct 13, 2011 04:33 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
1,359,598

Mark Taylor Mortgages

602-361-0707 #MarkTaylor #Awesomerates NMLS#207897
Need a Mortgage Rate Quote?
*
*
*
*
Spam prevention

Additional Information