The FHA is moving more to Manual Underwriting. Borrowers with non – traditional credit only – borrowers that have no traditional credit at all, whereby we are able to develop three to five non – traditional credit items. Exhibit no lateness on the non – traditional credit and show that they have at least … Continue reading The FHA is moving more to Manual Underwriting
FHA eases mortgage rules for some credit-impaired applicants for collections and charge offs
FHA Collection Accounts • A Collection Account refers to a Borrower’s loan or debt that has been submitted to a collection agency by a creditor. • Medical Collections are not required to be paid and satisfied. • Collection accounts of a non-borrowing spouse in a community property state must be included in the $2,000 cumulative balance … Continue reading FHA eases mortgage rules for some credit-impaired applicants for collections and charge offs
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