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FHA IS MAKING CHANGES (REFER ELIGIBLE MEANS TROUBLE FOR MOST)

By Matheno Howell-Bey

Mortgage and Lending with Energy Wealth Group

April 15, 2008 11:06 AM

I had to send several files to the mortgage grave due to the new refer eligible guideline. Just when things got a little better in our industry, yet another program is going away. If your client doesn't have a 580 you can forget about it unless they have a very low DTI or 1000's in assets.

Here's what I am doing.

Every client that has a refer eligible; I am putting them in a credit restoration program so that those negative items can be legally deleted and then I am enrolling them later. I am an affilate of the company so I help the clients and make a profit.

If you are interested in the Mortgage Broker credit restoration affilate program send me a email. Its working wonders for my business.

http://www.restoremyfico.com/

mhowellbey@americanequity.com

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Heather the Realtor Orlando, Lake Mary

LemonTree Realty - Orlando, FL

First Time Home Buyers, Bank Owned Homes

Thanks for the information. I just got the word today a buyer on my listing has a credit score of 540 but I believe their DTI together is low so they are still working it. Needless to say I am doing a right of first refusal and getting that listing back on the market while they try to work it out.

Apr 15, 2008 11:13 AM

Sam Miller

RE/MAX Stars Realty - Howard, OH

Knox County Ohio Real Estate Specialist

Good information and thanks for sharing. FHA is still an impressive loan program but it has a few limitations but the good news is that the limitations are certainly far more forgiving than the 95% conventions loans and the mortgage insurance underwriting.

Apr 15, 2008 11:37 AM

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Matheno Howell-Bey

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