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Home Financing After a Short Sale, Foreclosure or Modification
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Current guidelines - Spring 2011                                             
It is said in our industry that FHA is the new subprime.  FHA allows a low credit score without the substantial risk adjustments to the rate with conventional lending. It is true that credit scores can go quite low and credit history is negotiable, but in this conservative lending environment even FHA has restrictions.  New guidelines have been defined for clients with historic foreclosures, short sales and even loan modifications.
The question I ask when approving a client for a home loan is “Will homeownership be the best move for this client with their financial management history?”  Hard to admit, but SOME clients should remain renters.  Here are details on current credit requirements for the credit challenged, addressing credit ... more

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