FHA paperwork electronically, the FHA TOTAL Scorecard is used to measure the credit risk of all FHA loans submitted through the automatic underwriting system. Your FHA loan is processed through a qualified and approved FHA lender. Applications submitted through FHA TOTAL are evaluated by a standardized scoring procedure creating a quick, fair and seamless evaluation. The FHA's TOTAL system is internet based and works in real time.
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Home Loans for All Types of Credit
No Cost and No Obligation to Apply.
3 out 4 applications are approved.
Housing To Income Ratio
[ 0 ] 36.01 - 38.00%
Debt To Income Ratio
[ 0 ] 46.01 - 48.00%
Loan To Value
[ 0 ] > 95.00% LTV and all cash-out refis
Reserves After Closing
[ 0 ] Less Than One Month PITI Reserves
Average Middle Credit Score
[ 0 ] 560 - 599 (or no credit scores for any borrower)
Monthly Payments Increase / Decrease
[ 0 ] Payments increasing by less than 100%
HUD Pre-Purchase Counseling
[ 0 ] Did not attend HUD Pre-Purchase Counseling
[ 0 ] No bankruptcies OR discharged more than 7 years
[ 0 ] No foreclosures OR completed more than 7 years
Stability of Employment
[ 0 ] Less than 2 years on current job
Part-Time Job History
[ 0 ] No part-time income unsed with <1 year history
[ 0 ] No lates in last twelve months
Purpose of Loan
[ 0 ] Purchase or any cash-out
Residual Monthly Income
[ 0 ] $1,000 less Piti less $500 borrower less $250 per child
The interest rates for FHA refinance and home purchase loans remain competitive and comparable to conventional Fannie Mae mortgage rates. The 15-year rates are available today at 2.875% and the 30-year rates have fallen to 3.625% on loans that are insured by the FHA.
Borrowers are given fixed rate grace with exceptions for qualifying made for borrowers who were not late prior to their mortgage adjusting.