I'm not going to say who the lenders are, but I've received several emails from brokers asking about FHA Alternative credit. FHA does accept Alternative Credit.....what I'm hearing is that the LENDERS ARE NOT ACCEPTING ALTERNATIVE CREDIT!!
Okay, now........That's not cool! FHA goal is "a home for everyone" (okay maybe not for everyone! but you know what I mean l.o.l.) I understand the lenders are a little paranoid, but come on!
I am including the link to Mortgagee Letter 2008-11: Nontraditional Credit Verification and Evaluation
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-11ml.doc
I've sent out a few emails to a couple of lenders I know, I'll follow up with any information I receive.
Are you guys having this problem?
D.Bass
Mortgage Underwriter & Trainer
Check out our FHA Jump Start 3 Hour Workshop
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