We live in Florida, the Timeshare capital of the US. For anyone who has endured time share presentations in Florida you are fully aware how popular a timeshare week near Disney in Orlando or Fort Lauderdale-Miami are. The presentations brag about everything even the wildlife (Gators). Timeshares were even more popular prior to the 2008 Real Estate and Mortgage meltdown. Many timeshare property owners had to go through foreclosures. Timeshare loans are not considered mortgage under 2016 FHA Guidelines but they are considered consumer loans. If you were one of many advised that you do not qualify for an FHA loan due a mandatory waiting period after a timeshare foreclosure you have been misinformed. There are some mortgage brokers and loan officers that are still giving out this incorrect information.
Here are a few examples of FHA Guidelines updates for 2016
When applying for a mortgage loan and you retract a credit dispute, you credit scores will definitely drop. Mortgage Brokers and Mortgage Loan Originators should not issue pre-approval letters unless the borrowers credit report has been thoroughly reviewed. Make sure there are NO credit disputes on non-medical accounts or any charge off accounts.
The FHA (Federal Housing Administration) is a part of the United States Department of Housing Urban Development also commonly known as HUD. There are two things that home buyers will need to have for a home purchase.
Home buyers may struggle to come up with the down payment money required for the purchase but there are closing costs on a home purchase that will need to be paid for and just prior to the closing the funds to close will be verified.
A Mortgage Loan Modification is when a homeowner has made an agreement with their lender due to extenuating circumstances to restructure their mortgage, where the final outcome was a modification of the original mortgage loan agreement (often referred to as the note). There are various types of mortgage loan modifications.
The overview of 2016 FHA guidelines listed above are broken down in a manner for ease of checking them off. Should you meet all of these requirements there should be no reason you cannot qualify for a FHA Loan and perhaps move from Renter to Homeowner. However, there are many mortgage lenders that have Mortgage overlays. Overlays are guidelines set by their own financial institution that sets higher standards above minimum FHA Guidelines. This is perfectly legal and any FHA approved mortgage lender can set higher lending standards than those set by FHA. In fact most banks require a 640 FICO score for FHA mortgage borrowers even though FHA minimum requirement is a 580 FICO for a minimum 3.5% down payment towards a home purchase. Another higher standard common with banks is they will not approve a borrower with outstanding unpaid collection accounts, including medical collection accounts and charge off accounts. FHA does not require the borrower to pay off outstanding unpaid collection accounts. The Larry Stepp Team is part of Gustan Cho associates and if you are being denied a mortgage and meet all the minimum FHA requirements. I am pleased to state we are a Team of Mortgage Loan Originators specialize in FHA loans with not mortgage lender overlays. We also have affiliation with Credit Repair specialist. The Larry Stepp Team at Gustan Cho Associates are available 7 days a week, holidays and weekends. Here is my contact information.
Larry Stepp 407-922-4755 LarryS.HomesNetwork@gmail.com
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