Heard of it? Close one? Do you know what it can do? Are you being engulfed in all the negative press about the mortgage industry or are you finding solutions for your borrowers?
I made a post in the FHA 101 topic regarding 203k Streamline Mortgages. I suggest you master it because I have at least 1 a week asking for something they could use it for. Rehab loan with no minimum and no credit score requirement..!
Well, I am going to tell you a very short bit of info to hopefully entice you to read 600 pages of guidelines. You ready..??
620 score is credit approved! Period! Even if there is no bills or 1 bill or lot's of collections but somehow they have a 620+.?
Does not have to explain collections nor pay them off.
1 day out of BK or Foreclosure NO EXPLANATION NEEDED!!
Conforming Rates.
More can be found under "Reduced Verification" that applies to >=620
Under 620 is standard USDA guidelines.
Subject to income and census tract qualification.
102% which would include the USDA 2% funding fee.
NO MONTHLY PMI!
UNLIMITED SELLER CONCESSIONS!!
Ok... I like rep and I think I am 1 point away from square #3.
Here you go. Read and master it.
USDA Guidelines