It’s Back! …We Can Do FHA Loans Down To 580 Scores Again. Reply: bsampson@loansdonequickly.com

Good Morning!

I wanted to let you know that we can now do FHA mortgages down to a 580 score!

However, this program does come with some guidelines that I want you to be aware of.

…So if you think you would qualify for this program please give me a call or shoot me an email and I’ll make it happen for you.

Here are the guidelines for this 580 to 600 fha program…

1. Housing Ratios exceed 37% and DTI ratios exceed 45%.
2. More than 25% of borrower’s income from child support – not allowed.
3. More than 50% of borrower’s incomes from social security or pension.
4. Loan amounts greater than $250,000.00.
5. No housing payment history; no canceled rent checks or management ledger.
6. Borrowers experiencing greater than 100% payment shock with no established savings pattern to offset the increase differential.
7. Major derogatory or recent late histories within 24 months on refinance transactions – 12 months for purchase transactions.
8. Maximum LTV for rate and term transaction; 97% LTV or more any transactions involving flipping.
9. Bankruptcy or mortgage foreclosure within 3 years.
10. DU refer/eligible.
11. Borrowers with multiple properties shown on real estate owned.
12. All identity of interest transactions, including gifts of equity.
13. Any non-occupying co-borrower transactions where the primary borrower ratios exceed 40% for housing and 50% for DTI.
14. Borrower’s traveling distance between subject and employment or current residence exceeds 30 miles.

That’s it for today!

Thank you for reading my email – and have a great day!

Brett