A big change took effect on March 15th for FHA loans to lower the risks of future large defaults. This change will affect lower credit applicants whose Debt To Income are in the range of 50 to 56%. Most of these individuals will be issued a ‘Refer Eligible’ instead of the ‘Approve Eligible’ rating. To you and your client, this simply means manual processing of the files and with manual processing comes longer underwriting time frames.
If you work with a lender that has experience with referred files, This should not impact you or your client. We are always available to sit down with you or your client to review their case. Book an appointment for more information here.
You have not retired yet because of increasing mortgage payments?Apply for a reverse mortgage and you won’t have to make another payment. Please review our reverse mortgage page for full details on and videos on how a reverse mortgage works.Details on Reverse MortgagePutting off purchasing your home?This is the best time to purchase a home. Low rates have come back. See how much you can buy.Click Here to Get Pre-approvedTake advantage of the lowest rates!Refinance today and pay off those high rate credit cards, upgrade your house, help your kids with university costs or just check of items off your bucket list.Refinance Now
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