HUD recently released revised guidance for FHA mortgage lenders and underwriters for establishing and evaluating nontraditional credit histories and also describes FHA’s acceptance of those enterprises that can develop a verifiable credit history, no less than 12 months in duration, for borrowers with limited traditional credit. This FHA loan guide is effective immediately but must be considered for borrowers without traditional credit beginning with case numbers assigned 30 or more days after the date of this mortgage letter.
Refinance and Avoid a Foreclosure
Don't ignore the letters from your lender Contact your lender immediately.
Contact a HUD-approved Housing Counseling Agency
1 comment so far
Mortgage rates have been erratic to say the least. Hopefully the Fed will make some emergency rate cuts quickly. Please keep the articles coming… – G Oliver
Line and paragraph breaks automatic, e-mail address never displayed, HTML allowed:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>