If you have been trying to decide to purchase a home then NOW is the time to buy! US Department of Housing and Urban Development has just issued a new Mortgagee Letter 2012-3 that will make stronger requirement on home buyers that have prior credit delinquencies.
If a borrower has individual or multiple disputed credit accounts or collections with singular or cumlative abalances equal to or greater than $1000, the acounts must be resolved (payments arrangements with a minimum 90 day pay history) or paid in full, prior to, or at the time of closing. The lender must obtain documentation supporting the pyament arrangements or that the debt has been paid off. The payments arranged for the accounts must be included in the calculation of the borrower's total debt-to-income ratios.
Disputed credit accounts or collections resulting from identity theft, credit card therf, or unauthorized use, may be excluded from the $1000 limit if proper and acceptable documentation of the credit or identity theft is provided to the lender for review.
Don't wait any longer...Call Me today to schedule your mortgage review appointment and obtain your conditional mortgage approval so that you may be shopping for your new home this evening. I look forward to hearing from you at 281-479-8191 x102 or via email at Nancy@BayAreaEliteProperties.com
Making purchasing your next home a smooth and simply transaction:)
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