| Author |
Previous Topic | Next Topic |
|
brentj26
213 Posts |
 Posted - 04/16/2008 : 10:26:05 AM
|
| I thought it may be useful to start a post about tips and tricks for getting approve elgible findings on FHA loans. It seems that a lot of lenders will do these loans with lower scores as long as they recieve an approve elgible. The problem is that usually a person with a sub 580 credit score has some obvious credit challenges that normally make it difficult to get an approve/ elgible. Has anyone had any luck getting some of these people approved? |
|
kmikkola
794 Posts |
Posted - 04/16/2008 : 10:29:03 AM
|
| I had one that we lowered the front end dti under 39% by not paying off a credit card and it went from refer to approve even though the back end ratio went up. |
|
|
ehm3
978 Posts |
Posted - 04/16/2008 : 10:31:39 AM
|
I have had 2 loans in the last week that were refer with 2mos PITI reserves but approve with 3 months. One was a 550 score.
Preserve your reserves with seller concessions on a purchase, and always always always ask about 401k/IRA and any other possible sources of cash.
If you get refer, try to bump the assets in DU to see where you get it to approve level. Then see if the client can save up that much by closing. |
|
|
brentj26
213 Posts |
Posted - 04/16/2008 : 10:34:50 AM
|
Good tips so far. Any one else?
|
|
|
Cash Doctor
851 Posts |
Posted - 04/16/2008 : 11:17:05 AM
|
| changing from 30 to 15 has moved some from refer to accept. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
