My New Blog

February 16th, 2011 4:50 PM
This is brand new!!
I can now offer FHA mortgages to your clients with a minimum credit score of 580!! This is a HUGE leap as the most recent minimum was 640. There are a lot of guidelines BUT it's a great option for those folks who have been working on improving their credit.
 
A few things to keep in mind as you're finding your client a home:
 
Score of 620-639
** Single family or approved Condos
** Owner-Occupied
** You may use Gift Funds
** Co-Signers and Non-Occupant Co-Borrowers are OK
** This program can NOT be used for 90-day flips
 
Score of 580-619
** Single family or approved Condos
** Must be Owner-Occupied
** Approved FHA Homebuyer Education class required
** No Gift Funds allowed
** Can not be used with downpayment assistance programs
** No Non-Occupant Co-Borrowers
** This program can NOT be used for 90-day flips
 
Feel free to give me a call. I'm available to answer your questions 7 days a week.
 
 
Tom
----------------------------------------------

Tom Fallos

SR. LOAN MANAGER

NMLS#258107

DIRECT: 480-621-3223

tom.fallos@imortgage.com

Web Site: Tom at iMortgage

Blog: Mortgages – Now You Know

Blog: Tom Fallos – Public Forum

 

1757 E Baseline Rd., Suite 141
Gilbert, Arizona 85233

 

Posted by Bill Salvatore on February 16th, 2011 4:50 PMPost a Comment (0)

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