In a continuing effort to help get the housing market back on track Primelending, APlainsCapital Company has added a new underwriting variance for FHA loans with FICO scores from 600-619. To qualify for the special variance borrowers must meet the following requirements:
- Automated underwriting approval required
- Primary Home (No Co-Borrowers allowed)
- Purchase ONLY
- Single Family Residences Only
- Maximum ratio 31/43%
- All installment loans under 10 months included in Debt-to-Income ratio
- All deferred student loans must be included in Debt-to-Income ratio
- No Declining Income
- Maximum Seller Contribution – 3%
- No lates on housing payments in the last 12 months
- 2 months reserves (from Borrower’s savings or checking – not retirement)
- High Balance (over normal FHA maximum loan) not allowed
- Bond/Down Payment Assistance programs not allowed
- Borrower’s that abuse credit may not be eligible at Underwriters discretion
Call or email me if you need help of have questions.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878