There is good news!

Usually if your application has been denied at the last minute you have a complete mortgage application. Your file will have an appraisal, title, hazard insurance and you have all your income & asset documents.

The first thing you will need to do is call us at 888.958.4228 and have your mortgage application transferred to us! Since your file is complete it will usually take us 14 to 21 days to close your loan.

I will call the listing agent and the title company and inform them that you have switched lenders and ask for an extension if one is needed.

I can usually get you a loan approval within a week.

Just because one lender has denied your loan does not mean another lender cannot get you approved and closed!

FHA has changed the minimum credit score for new borrowers:

• FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment
  
• FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
• This has allowed the FHA to better balance its risk and continue to provide financing for home buyers

August 15, 2013 - New borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.

Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.

Don't be denied for a mortgage!

October 15, 2013 - New FHA loan requirements does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.

• If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

Apply Now!

Call us 888.958.5382

FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan

FHA loan requirements - ‎FHA loan limits - ‎FHA loans - ‎FHA Streamline

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We look forward to working with you.

We look forward to working with you.