Happy New Year!
I know you’re going to have a great year this year!
Continuing with little known underwriting guidelines on FHA loans…
Many people will elect to go through Consumer Credit Counseling instead of filing bankruptcy. They go through Consumer Credit Counseling because they think will not impact their credit as severely as bankruptcy.
They are right in a way – FHA doesn’t have as stringent of guidelines for CCC as bankruptcy.
…However, you’re not completely out of the woods if you elect to work with Consumer Credit Counseling when it comes to getting an FHA mortgage.
FHA’s underwriting guideline for Consumer Credit Counseling is that the borrower must “document that one year of the pay-out period has elapsed under the plan and the borrower’s payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive written permission from the counseling agency to enter into the mortgage transaction.”
…In other words you will have to be in the plan for at least a year before you can hope to get an FHA mortgage.
If you would like to see if you qualify for a mortgage right now – click here and fill out this simple and quick application.
Have a good day today! …and thanks for reading.
Brett
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