I was very surprised in a meeting with our SVP of gov lending last Friday.
I found out that we have the ability to:
- Do FHA loans with a Credit Score BELOW 620 (it has to make sense)
- Do FHA loans that have a “Refer” in the AU (automated underwriting) findings
- Do FHA loans with a DTI? (Debt To Income) ratio GREATER Than 43%
The key to all of these situations are: Income, Employment and Assets:
- How long has the Borrower been Employed ?
- Is the Down Payment money their own (versus: Gift Funds) ?
- Is there a pattern of savings ?
- Explanation of “why” the score is so low (if Score is lower than 620)
p.s. all 50 states
For information, please contact: Al Rodenburg NMLS # 272775
832-924-3219 alfer.rodenburg@flagstar.com http://www.alrodenburg.com
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