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FHA will allow a court ordered judgment that has been in a repayment plan for just 6-mo. Most lenders require a 12-mo repayment history, but HUD guide lines support just 6-mo on time payments. If you can find the right bank this will work. This kind of knowledge will help you close more loans.

 

Jeff Schraeder

Imperial Mortgage

DFWLoanofficer.com

 
Posted by Jeff Schraeder on 07/18/2008 02:36 PM   Comments (2)   fha loans  
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2 Comments on FHA Tip Of The Day

Great info - thanks for sharing!

07/18/2008 02:40 PM by Norma J. Elkins (Triple "E" Realty)

Most lenders I work with just want to see some acceptable proof that a repayment plan has been accepted by the creditor. Great tip.

07/18/2008 02:59 PM by Hans Iduma, Certified Mortgage Planning Specialist (Prospect Mortgage, LLC)

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Loan Officer: Jeff Schraeder (Imperial Mortgage)
Jeff Schraeder
Richardson, TX
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Imperial Mortgage

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Discover what others have, no one works harder to get you your dream house. Our experienced staff is here to work with you to develop your loan application quickly, accurately, and honestly to make the strongest case for you. Then we shop our network of wholesale lenders to find the loan program that fits you best. We pride ourselves in helping you get your questions answered with prompt, courteous service. We never forget that it is personalized one on one service that sets us apart from the rest.


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