Thursday, March 4, 2021
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Qualifying For FHA Loan During And After Chapter 13 Bankruptcy

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gus
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FHA Loan During And After Chapter 13 Bankruptcy
FHA Loans

Qualifying For FHA Loan During And After Chapter 13 Bankruptcy

This BLOG On Qualifying For FHA Loan During And After Chapter 13 Bankruptcy Was Written By Gustan Cho NMLS 873293

Borrowers can qualify for Qualifying For FHA Loan During And After Chapter 13 Bankruptcy.

  • Many of our viewers contact me daily and are told different answers by lenders with regards to the qualification requirements of Qualifying For FHA Loan During And After Chapter 13 Bankruptcy
  • There are two sets of mortgage lending guidelines
  • The first and most important mortgage requirements in qualifying for FHA Loans is the FHA Guidelines set by HUD under HUD 4000.1 FHA Handbook
  • HUD Guidelines states the minimum FHA Mortgage Guidelines that all lenders need to follow in order for their FHA Loans to be insured by HUD
  • The second type of mortgage requirements is called overlays
  • Overlays means that each individual mortgage lender can have lending guidelines that are above and beyond of FHA Guidelines
  • This is called lender overlays

What Are Overlays On FHA Loans?

Overlays are lending requirements that a lender implements and are not required by FHA. Here are examples of lender overlays compared to FHA Guidelines:

  • FHA requires that borrowers need a 580 credit score to qualify for a 3.5% down payment FHA home purchase
  • Most lenders will not accept any borrowers who do not have at least a 620 credit score
  • Some may not accept any borrowers with credit scores of under 640 FICO credit scores
  • Why are lenders requiring a higher credit score when FHA only requires a credit score of 580 FICO?
  • The reason lenders require higher credit scores than those required by FHA is because they have overlays on credit scores
  • This means they do not feel comfortable just going with the minimum required by FHA.
  • There are many overlays lenders can have
  • Another example of overlays is debt to income ratios
  • FHA allows up to a back end debt to income ratio of 56.9% DTI
  • However, most lenders will cap the debt to income ratio to 50% DTI
  • The above is called overlays on debt to income ratios

Overlays Qualifying For FHA Loan During And After Chapter 13 Bankruptcy

The United States of Housing and Urban Development or HUD is the parent of FHA, which is the Federal Housing Administration.

  • FHA is one of the most popular loan programs in the United States where its mission is to promote home ownership to hard working Americans
  • HUD has very relaxing credit and income requirements where it makes it possible for any American the opportunity to become a homeowner

Borrowers can qualify for FHA Loans with the following:

  • Bad credit
  • Credit scores down to 580 FICO
  • Debt to income ratio as high as 56.9%
  • 3.5% down payment on a home purchase
  • Borrowers do not have to pay outstanding collections or charge off accounts to qualify for FHA Loans
  • Down payment can be gifted 
  • No closing costs because FHA allows up to 6% sellers concessions by home sellers for buyers to be able to use it for closing costs
  • Borrowers with prior Chapter 7 Bankruptcy can qualify for FHA Loan two years from discharged date of Chapter 7 Bankruptcy
  • Borrowers with prior Foreclosure, deed in lieu of foreclosure, and short sale can qualify for FHA Loan after meeting a three year waiting period
  • Borrowers with a Chapter 13 Bankruptcy can qualify for a FHA Loan one year into the Chapter 13 Bankruptcy Repayment Plan
  • Borrowers with a Chapter 13 Bankruptcy discharge can qualify for a FHA Loan with no waiting period after the Chapter 13 Bankruptcy discharged date.

A substantial percentage of my borrowers are folks who were told that they do not qualify Qualifying For FHA Loan During And After Chapter 13 Bankruptcy discharge and had to wait one or two years after the discharged date of their Chapter 13 Bankruptcy. For example, Chase Bank will not do any Chapter 13 Bankruptcy mortgages until the discharged date of the Chapter 13 has been seasoned for at least one year. Other banks and lenders want borrowers to wait two years after the Chapter 13 Bankruptcy discharged date. This is not HUD’s requirement but a lender overlay Chase Bank or other lender has. Gustan Cho Associates Mortgage Group has no overlays on borrowers qualifying for Qualifying For FHA Loan During And After Chapter 13 Bankruptcy. Borrowers can qualify for FHA Loans after a Chapter 13 Bankruptcy discharged date with no waiting period.

Qualifying For FHA Loan During Chapter 13 Bankruptcy Repayment Period

Borrowers can qualify for a FHA Loan one year into a Chapter 13 Bankruptcy Repayment Period.

Here are the requirements for borrowers who need to qualify for a FHA Loan during their Chapter 13 Bankruptcy Payment Period:

  • 12 months of timely payments needs to be made to their creditors under the Chapter 13 Bankruptcy Payment Plan
  • The approval of the borrower’s Chapter 13 Bankruptcy Trustee is required which should be no problem
  • Qualifying For FHA Loan During And After Chapter 13 Bankruptcy and if the discharged date has not been seasoned for two year, the file needs to be manually underwritten
  • All manual underwriting requires verification of rent
  • Verification of rent requires 12 months of canceled rent checks and rent payments needs to be timely
  • If rental payments has been made online, then 12 months of online bank statements showing the rental payments been transferred from renter’s bank account into landlord’s bank account needs to be provided
  • If borrower has been renting from a registered property management company, then a VOR, Verification Of Rent, FORM provided by lender needs to be signed and dated by the property management company manager and/or representative.
  • The Gustan Cho Team at Loan Cabin Inc. NMLS 1657322 has no overlays on Qualifying For FHA Loan During And After Chapter 13 Bankruptcy and other loan programs.

If you have been told that you do not qualify for a Qualifying For FHA Loan During And After Chapter 13 Bankruptcy due to their lender overlays, please contact Gustan Cho NMLS 873293 of Gustan Cho Associates at Loan Cabin Inc. at 262-716-8151 or text us for faster response. Or email us at gcho@gustancho.com. The Gustan Cho Team at Loan Cabin Inc. NMLS 1657322 is a five star full service mortgage company licensed in multiple states with no overlays on government and conventional loans. We close most of our loans in 21 days or less.

Can I Qualify For FHA Loan With Collection And Charge Off Accounts?

By
gus
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1
FHA Loan With Collection And Charge Off Accounts
Gustan Cho of The Mortgage Post Team

Can I Qualify For FHA Loan With Collection And Charge Off Accounts?

Qualifying For FHA Loan With Collection And Charge Off Accounts Without Paying Them

FHA Loans is the most popular loan program in the United States due to its leniency.

  • FHA is part of the United States Department of Housing and Urban Development and its mission and role is to promote home ownership
  • FHA is not a lender and has nothing to do with originating loans nor does it fund any residential home loans
  • FHA is a governmental agency under the umbrella of HUD
  • FHA acts as a federal mortgage insurance entity
  • It insures banks and private lenders who originate and fund FHA Loans
  • In order for the Federal Housing Administration to insure lenders on a FHA Loan that the borrower is defaulting on, the lending institution needs to make sure that the borrower meets FHA Guidelines with regards to credit and income
  • If any of the FHA Guidelines are not met, the defaulted FHA Loan is not insurable by FHA and the lender is stuck with the loss
  • FHA does not require outstanding collections and charge offs to be satisfied for borrowers to qualify for a FHA Loan
  • Borrowers do not have to worry about paying older collection accounts or charge off accounts from the past in order to qualify for a FHA Loan

Why Do Lenders Require To Pay Unsatisfied Collections And Charge Offs?

Many of our viewers are told by lenders that they do not qualify for FHA Loans due to outstanding collections and charge off accounts.

  • You can qualify for FHA Loan With Collection And Charge Off Accounts under HUD Guidelines
  • However, the particular lender may require you to pay off all outstanding collection account balances as well as charge off accounts
  • This often confuses borrowers
  • This is because lenders are telling them one thing opposite of what HUD Guidelines on collections and charge offs are
  • The reason for this is due to the fact that lenders are allowed to have overlays which are additional higher sets of mortgage guidelines that are above and beyond of those of HUD

This may be hard to understand so let me use example to simplify what overlays are:

  • Most lenders have lender overlays on countless of items that contradict FHA Guidelines
  • There are two types of FHA Loan Requirements:
    • FHA Guidelines and Mortgage Lender Overlays
  • All lenders need to meet the minimum FHA Mortgage Requirements
  • However, lenders can set higher lending standards than the minimum standards of FHA
  • This is what you call a lender overlay and it is perfectly legal for a lender to do so
  • Borrowers can qualify for FHA Loan With Collection And Charge Off Accounts without having to pay them off and FHA will insure the mortgage to the lender
  • Lenders may choose to have borrowers pay off the outstanding collections and charge offs as part of their overlays
  • This is called a lender having overlays on collections and charge offs
  • Borrowers can qualify for a FHA Loan After Chapter 13 Bankruptcy Discharge with no waiting period under HUD Guidelines
  • However, many lenders like Chase Bank will require a one year or longer waiting period after a Chapter 13 Bankruptcy Discharge
  • This holds true even though FHA does not require any waiting period
  • This is an overlay that Chase Bank has on waiting period after Chapter 13 Bankruptcy discharge date
  • Many banks including Chase Bank does not allow collection accounts and charge off accounts
  • This holds true even though FHA states that you do not have to satisfy outstanding collections and charge offs

FHA Guidelines On Collection Accounts

FHA Classifies Collection accounts into two categories:

  • Non-Medical Collections
  • Medical Collections

HUD allows up to $2,000 of unpaid outstanding non-medical collection accounts with outstanding balances before it starts affecting debt to income ratios.

  • If you have more than $2,000 in outstanding non-medical collection account balances, HUD requires lenders to take 5% of the outstanding collection balance
  • 5% of outstanding collections is used as hypothetical debt
  • This is counted as if it were part of the borrower’s monthly debt payments
  • The borrower does not need to pay anything but the 5% figure is used in the calculation of the borrower’s debt to income ratios when qualifying the borrower
  • If the outstanding collection account  balance is substantially of a larger amount, the borrower can enter into a written payment agreement with the creditor
  • The amount agreed upon can be used as the monthly debt payment in lieu of the 5% figure
  • There is no payment seasoning requirement
  • The amount agreed upon is effective the day that both the borrower and creditor enter into a written payment agreement

Medical collection accounts is exempt from including a percentage of the medical collection balance in calculating debt to income ratios.

FHA Guidelines On Charge Off Accounts

HUD does not require charge off accounts to be paid to qualify for FHA Loans no matter how much the charge off account balance is.

  • There is no impact on charge off accounts and debt to income ratios
  • No percentage of the charge off needs to be taken as a monthly debt like non-medical collection accounts
  • However, you cannot have any credit disputes on non-medical collection accounts where the aggregate balance is greater than $1,000 or any charge off accounts
  • When you look at a consumer credit report with a charge off account, you will see the amount of the charge off account balance
  • Disregard that balance because all charge off accounts have balances reporting on the consumer credit report

Finding A Lender To Qualify FHA Loan With Collection And Charge Off Accounts

If you have outstanding collection and charge off accounts and are told that you do not qualify for a FHA Loan with collection and charge off accounts, please contact us at Gustan Cho Associates. The Gustan Cho Team at Loan Cabin Inc. is a national five star mortgage banking firm licensed in multiple states with no overlays on FHA Loans, VA Loans, and Conventional Loans. Unfortunately, when you go to a bank or other lender, they often do not tell you that you may not qualify with them due to their lender overlays on collections and charge offs but you may qualify with a lender who has no overlays. We are available 7 days a week, evenings, weekends, and holidays to take your mortgage inquiries. You can call us at 262-716-8151 or text us for faster response. Or email us at gcho@gustancho.com.

Benefits And Disadvantages Of Paying Off Mortgage Early

By
gus
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0
Paying Off Mortgage Early
Gustan Cho Associates

Benefits And Disadvantages Of Paying Off Mortgage Early

This BLOG On Paying Off Mortgage Early Was UPDATED On December 13th, 2018

Pay Off Mortgage Early? Advantages & Disadvantages

“Free and Clear” ownership is the end game for many homeowners, and for good reason.

  • However, paying off mortgage early isn’t the best of use of one’s money in a lot of instances.
  • This blog will explore the advantages and disadvantages of paying off mortgage early
  • Hopefully the information contained herein will better equip a homeowner with the requisite knowledge to make the decision whether to retire a mortgage early or not

Advantages of Paying Off Mortgage Early

When it comes to prioritizing your debt, mortgages are not always at the top of the list.

  • For many, that may seem counter intuitive because mortgages are a huge debt to carry

Let me summarize the pros and cons of getting rid of a mortgage.

  • The biggest and most obvious advantage is interest savings
  • The advantage of paying off mortgage (or any type of debt) early is that borrowers pay less interest
  • For example, if a mortgage borrower owe $200,000 on a 30-year, fixed-rate mortgage at 5%, the monthly payment will be about $1,073
  • If homeowners keep the mortgage for 30 years, They will end up paying a total of $186,000 in additional interest
  • This is almost double the actual cost of the property when paid over 30 years

Case Scenario On Paying Off Mortgage Early

Take for instance the following example to understand interest savings.

  • If a borrower was to receive a $20,000 windfall and apply it all to their mortgage principal in their 4th year, that borrower will pay off the loan in 25 years instead of 30
  • Homeowners cut the total interest from $186,000 to $144,445.79—saving about $44,554.21 over the life of the loan
  • So instead of going on a European vacation and spending your $20,000 windfall, borrowers actually double their windfall in interest savings over the life of your loan by applying it in full and directly to the mortgage

Russ Weiss, a CFP with Marshall Financial Group, offers both pros and cons.

  • The pros include:
  • Peace of mind:
    • “A lot of what I do is managing behavior vs. managing investments,” he said
    • “If paying off a mortgage means the client is less likely to panic with their portfolio value down, I am inclined to recommend it”
  • It is hard to put a price tag on peace of mind

Discipline In Saving

Good savings vehicle. “Some clients are not good savers,” Weiss said. “By paying off the mortgage, it creates a form of forced savings.”

  • Paying down a mortgage is different from just moving money into a savings account, where by the click of a button people can use savings money
  • A savings account requires a good amount of discipline to just leave alone:
    • Whereas as in a mortgage there are more steps to take to access the money via a HELOC or cash out refinance

Taking more risk in the overall portfolio. “By paying off the mortgage, it allows us to revisit the investment portfolio structure and allocate more money to stocks.”

Disadvantages of Paying Off Mortgage Early

But the disadvantages of paying off a mortgage early come when homeowners money could have been better spent.

  • Mortgages are relatively cheap debt
  • They also come with tax benefits that can make them cost even less
  • Currently the going rate for a 30-year, fixed-rate mortgage is around the mid to upper 3 range
  • This is what people mean when they say “money is cheap”
  • Once homeowners send extra money to pay down a mortgage it’s tied up in your property
  • If someone unexpectedly loses their job or suddenly have a large expense, they won’t be able to get that money back easily, as I have touched on earlier in this blog
  • If a homeowners property value goes down that homeowner might not be able to access their funds absent a sale of their home

Weiss also lists several reasons for not retiring a mortgage early, including:

  • Leverage:
    • “By borrowing for long periods of time at low rates and investing the difference, the client will most likely end up with more wealth versus paying off the mortgage”
  • Right-sizing debt:
    • “People typically buy too much house and therefore take out too much of a mortgage,” he said
    • “If paying off the mortgage is a concern, they should consider the possibility they purchased too much house
  • The right amount of debt is favorable to long-term wealth growth, assuming a low-interest-rate environment”
  • Inflation hedge:
    • “Paying off the mortgage does not help to provide income,” Weiss said
  • “Plus, the bank takes all the risk
  • Over a 30-year history, assuming the borrower makes all the monthly payments, the bank can never call the loan
  • This provides for a fixed payment for 30 years that will never change
  • Taking inflation into account, it’s possible that 20 years into the mortgage, the payment will be equivalent to an electric bill or similar”
  • I would advise a client to really contemplate what is important to him in deciding whether or not to pay off their mortgage
  • For example, If a client is a disciplined saver and investor, their extra money might be better served in a low risk mutual fund than paying off their mortgage
  • If someone has difficulty saving money for instance, because they are constantly dipping into their savings account, then paying off a mortgage would probably be a good savings vehicle for them

Again, peace of mind is priceless. If paying off a mortgage is going to provide a great deal of peace of mind and comfort, then it might be ideal. I would always advise a client to speak to a Certified Financial Planner for any decisions as “earth shattering” as retiring their largest debt.

About The Author Massimo Ressa

Massimo Ressa is the Chief Executive Officer of Gustan Cho Associates at Loan Cabin Inc. NMLS 1657322. Massimo Ressa of Gustan Cho Associates Mortgage Group is a licensed mortgage loan originator licensed in multiple states. Massimo Ressa of The Gustan Cho Team at Loan Cabin Inc. leads a team consisting of licensed and support personnel known nationally of not having any lender overlays on government and conventional loans.

Gustan Cho Associates at Loan Cabin Inc. are experts in the following:

  • No Lender Overlays On FHA, VA, USDA Loans
  • No Lender Overlays On Conventional Loans
  • Non-QM Loans
  • Bank Statement Loans For Self Employed Borrowers
  • Investment Property Loans

Our viewers with any questions can contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. We are available 7 days a week, evenings, weekends, and holidays. The Gustan Cho Team at Loan Cabin Inc. NMLS 1657322 is headquartered in Lombard, Illinois.

The Gustan Cho Team at Loan Cabin Inc. NMLS 1657322

By
gus
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4
The Gustan Cho Team at Loan Cabin
Gustan Cho Associates At Loan Cabin Inc.

The Gustan Cho Team At Loan Cabin Inc. NMLS 1657322

The Gustan Cho Team at Loan Cabin Inc. Has A National Reputations For Its No Overlays On Government & Conventional Loan Programs

Over 75% of borrowers who consult The Gustan Cho Team at Loan Cabin Inc. NMLS 1657322 are folks who either gotten a mortgage denial or are going through a stressful mortgage process.

  • The mortgage process may be complex but there is no reason why borrowers cannot meet their closing date
  • The sole reason of borrowers going through major stress during the loan process is due to not being properly qualified by their loan officer
  • The mortgage loan originator either hastily issued a pre-approval or was not aware of mortgage guidelines or their lender overlays
  • The pre-approval stage of the mortgage process is the most important phase of the mortgage loan application and approval process

About Gustan Cho Associates At Loan Cabin Inc.

Gustan Cho Associates, a division of Loan Cabin Inc. NMLS 1657322 is a full service mortgage company and direct lender.

  • Gustan Cho Associates at Loan Cabin Inc. is licensed in multiple states with the ability to broker and bank government, conventional, and alternative mortgage loans
  • Gustan Cho Associates Mortgage Group is headquartered in Lombard, Illinois and has a national reputation of closing loans in 21 days or less
  • The Gustan Cho Team at Loan Cabin’s mission and goal is to treat each borrower like they would treat their family member
  • Borrowers trust loan officers and give them the trust and faith in closing their home loans
  • We take our borrower’s trust and faith seriously
  • We realize that our borrowers give us the most private and confidential information such as the following:
    • tax returns
    • W2s
    • bank statements
    • divorce decree
    • bankruptcy/foreclosure/short sale paperwork if applicable
    • child support/alimony paperwork if applicable
    • bank statements
    • social security/pension award letters
    • letters of explanations
    • other documents
    • Our borrowers and their families are counting on us on not just closing on their home loans but closing it on time
  • There is no reason why our borrowers need to request closing extensions to sellers
  • There is no reason why mortgage underwriters need to keep on coming back with conditions after conditions after the initial conditional loan approval
  • Realizing the importance the huge responsibility we have to our borrowers, our licensed and support team at The Gustan Cho Team at Loan Cabin Inc. are available to all of our borrowers and realtors 7 days a week, including evenings, weekends, and holidays
  • All of our borrowers and those involved in a home purchase transaction have our cell and home numbers
  • All calls and/or emails to us and every member of our team will be returned in a timely fashion

Our Loan Programs At Gustan Cho Associates At Loan Cabin Inc.

Gustan Cho Associates at Loan Cabin Inc. is a direct lender with no overlays on government and conventional loan programs.

Here are the loan programs we offer:

  • FHA Loans with no overlays
  • Credit Scores down to 580 FICO for FHA Loans with 3.5% down payment
  • VA Loans with no overlays with the exception of 580 FICO
  • Debt to Income Ratio up to 56.9% on FHA Loans with no overlays
  • No debt to income ratio requirements on VA Loans
  • Will go off automated approval findings and no overlays on VA Loans
  • No overlays on Fannie Mae/Freddie Mac
  • NON-QM Loans: No waiting period after bankruptcy and foreclosure
  • Bank statement loans where no income required. Just go off bank statement deposits
  • No overlays on collection accounts and charge off accounts on FHA Loans
  • Borrowers do not have to pay off outstanding collection account balances and/or charge off balances
  • 95% Loan To Value Jumbo Mortgages
  • Non-Warrantable Condominiums and Condotel Financing
  • Closings in 21 days or less
  • Borrowers can qualify for a FHA Loan During And After Chapter 13 Bankruptcy Discharge
  • Borrowers can qualify for FHA Loans one year into a Chapter 13 Bankruptcy Repayment Plan with the approval of the Chapter 13 Bankruptcy Trustee
  • No waiting period after a Chapter 13 Bankruptcy discharged date
  • No overlays on Conventional Loans with mortgage part of bankruptcy
  • Four year waiting period after the discharged date of Chapter 7 Bankruptcy regardless of when the foreclosure was recorded
  • However, foreclosure needs to be finalized
  • FHA 203k Rehab Loans
  • Reverse Mortgages
  • Accelerated Buyer Mortgage Program which is TBD Underwriting/Mortgage Approval with no subject property
  • W-2 Income Only mortgage loan program for both FHA Loans and Fannie Mae Conventional Loans
  • All pre-approvals close

Available 7 Days To Answer Any Mortgage Inquiries

The Gustan Cho Team at Loan Cabin Inc. is available 7 days a week, evenings, weekends, and holidays to take any mortgage inquiries or calls and answer any mortgage related questions. Please contact us at 262-716-8151 or text us for faster response. Or email us at gcho@gustancho.com.

Massimo Ressa is our Chief Executive Officer, Gustan Cho is our national managing director, and Piotr Bieda is our Chief Technology Officer at Gustan Cho Associates at Loan Cabin Inc.

Obstacles In Buying Condo With FHA Loans Versus Conventional Loans

By
gus
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0
Buying Condo With FHA Loans
The Gustan Cho Team

Obstacles In Buying Condo With FHA Loans Versus Conventional Loans

This BLOG On Obstacles In Buying Condo With FHA Loans Versus Conventional Loans Was UPDATED On December 8th, 2018

Condominiums is considered riskier investments than single family homes. Borrowers who can only get approved for FHA Loans cannot necessarily any condo of their choice. The Condominium Complex needs to be FHA APPROVED/ Why Should a Condo Get FHA Approved?

What should buyers and sellers know about FHA condo approval requirements?

  • Plenty! First and foremost a real estate professional should know that having FHA condo approval can be critical
  • The bar is set high
  • Both buyers and sellers should educate themselves on the FHA process – for sellers to be more marketable to prospective buyers, and for buyers to take advantage of these low-down payment loans
  • For those who are not familiar with the term FHA loan, it stands for the Federal Housing Administration
  • Essentially it is a government backed loan that allows those borrowers who have not saved a substantial amount of money but otherwise have good credit and stable employment to get financing
  • Both sellers and buyers need to be aware of just how important having FHA approvals can be!

FHA Condo Requirements

The FHA condo approval requirements are 95 pages long, vary with the type and size of the condo, and are not easy to summarize.

  • Much of it has to do with what constitutes acceptable documentation and procedures
  • In general, the requirements are designed to protect residents against financial hazards arising from their responsibility for the condominium’s affairs
  • Rules that protect the residents also protect the lenders who make condo loans, which in turn protect FHA as the insurer of those loans

Buying Condo With FHA Loans And Its Requirements

Here are a few of the more obvious ones:

  • On a new condo, the developer must have sold at least 50% of the units in the project to permanent owner occupants
  • This minimizes the risk that the condo is not economically viable
  • No more than 15% of the units in the condo can be delinquent more than 60 days on their condo association fees
  • This minimizes the risk that those residents who actually pay dues will have to cover the deficiencies of those residents in arrears

Condo Complex Liability

The condominium must be covered by hazard, flood, liability and other insurance required by state or local condominium laws or acceptable to FHA.

  • This minimizes the risk that a natural or other disaster will jeopardize the solvency of the condo
  • Note that Fannie Mae and Freddie Mac have condo requirements that are similar to those of FHA, though less extensive
  • If a mortgage loan that will be sold to one of those agencies is secured by a condo unit, the condo project must be approved by the agency purchasing the loan

FHA Condo Approval for Sellers

A condo owner/investor interested in re-selling their condo or even a realtor engaged in listing condominiums for sale as part of their normal business may wonder why FHA approval for condo complexes is important to them.

  • The answer pertains to return on investment (ROI) for owners and ease and expedience of sale on the part of realtors
  • Having FHA mortgage approval increases the odds that selling a condo will happen quickly and at top value by increasing your buyer pool (more buyers eligible for purchase)

FHA Condo Approval for Buyers

There are many reasons for a buyer to choose an FHA approved condo, not the least of which is the possibility of a small down payment loan. FHA approval requires adherence to some quality control requirements that few associations can meet.

  • National Mortgage News claims that approximately 60 percent of associations are denied approval from the FHA, a serious vetting process that cuts no corners in its demands on condo associations
  • The FHA only wants to loan money on properties that are considered a sound investment and these requirements are deemed necessary to guarantee such investments reasonably
  • By purchasing a condo that is eligible for an FHA loan, a borrower has allowed the government to essentially guarantee investment
  • Not only have you managed to get a good loan towards your purchase, but you have also ensured that a good majority of people living in your condo association will be owners as opposed to investors
  • Owners often have a greater % of being current on maintenance/condo fees than investors
  • Owners have more “skin in the game” for obvious reasons

Things To Know About Buying Condo With FHA Loans

Perhaps even more important, you will guarantee that your condo association has reserves of cash that are at least equal to a year’s worth of fees from the association.

  • This means that when something goes wrong that affects the whole complex, such as roofing issues or flooding problems, your association will have the money to address those problems, instead of issuing a surprising and costly “assessment” on the owners
  • As a bonus, your association is virtually guaranteed to be free of legal problems as of the time of your purchase
  • When you have invested with numerous other individuals in a property, this can make a big difference

Questions To Ask When Buying Condo With FHA Loans

A borrower should ask some important questions before purchasing a condominium about FHA approval.

  • Finding out the answers to these issues can save a lot of anxiety for the buyer in the future
  • A condominium is a uniquely different purchase from other properties with their own nuances and real estate professionals should treat them as such in order to add value to their clients

About The Author

The Author Of This Blog, Obstacles In Buying Condo With FHA Loans Versus Conventional Loans, is Alex Carlucci. Alexander Thomas Carlucci is a licensed mortgage loan originator and guest writer for Gustan Cho Associates. Alex Carlucci, who holds a Juris Doctorate Law Degree and Masters Of Laws Degree, owns two condos himself and is an expert in real estate investments, financing, and lending. Alex is a guest writer for Gustan Cho Associates Mortgage Group and its affiliates sites and is licensed to originate mortgage loans in multiple states. Alex’s expertise is government and conventional loans with no lender overlays and is a correspondent lender on non-qm loans, bank statement loans for self employed borrowers, condotel financing, non-warrantable condominium loans, and commercial loans. Stay tuned for more of Alex Carlucci’s blogs.

FHA Guidelines On Charge Offs And Collection Accounts

By
gus
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0
FHA Guidelines On Charge Offs And Collection Accounts
Gustan Cho Associates

FHA Guidelines On Charge Offs And Collection Accounts

This BLOG On FHA Guidelines On Charge Offs And Collection Accounts Was UPDATED On December 7th, 2018

Before we start looking at the rules, it’s very important to point out that the information listed here are FHA minimum standards.

  • A given lender or financial institution may have more strict requirements depending on circumstances, state laws, or other factors
  • Remember that FHA loan rules don’t override state law and lenders are free to require higher standards as long as they are in compliance with federal laws

When it comes to collections on a borrower’s credit report, FHA loan rules in HUD 4000.1 FHA Handbook instruct the lender.

Types Of Mortgage Guidelines

There are two sets of mortgage lending guidelines:

  • The first set of guidelines is directly from FHA, the Federal Housing Administration
  • The second set of guidelines is an optional mortgage guidelines required by lenders which are called lender overlays
  • There are many types of lender overlays
  • Overlays are additional mortgage guidelines that is instituted by each individual mortgage lender that is above and beyond those of HUD Guidelines

FHA does not require borrowers to pay outstanding collections and/or charged off accounts to qualify for FHA Loans. FHA Guidelines on Charge Offs and Collections are individual mortgage lender overlays.

What Are Lender Overlays?

FHA Mortgage lender overlays are mortgage lending guidelines that a particular mortgage lender will impose in addition to those set by the Federal Housing Administration, FHA.

  • For example, FHA may allow a mortgage loan applicant with unpaid collection accounts to qualify for a FHA insured mortgage loan without having to pay it off under FHA Guidelines on Charge Offs and Collections
  • However, a particular mortgage lender may require all collection accounts to be paid off even though FHA does not require it
  • This is called mortgage lender overlays
  • Same with credit scores
  • HUD requires a minimum credit score of 580 FICO from any mortgage loan applicant for them to qualify for a 3.5% down payment home purchase FHA insured mortgage loan

FHA Guidelines On Credit Scores

Many, if not most, set their own standards with regards to minimum credit scores.

  • Most banks and mortgage companies do have mortgage lender overlays on minimum credit scores
  • Most require 620 FICO credit scores and a large percentage of mortgage lenders such as banks
  • Most credit unions, require 640 FICO credit scores or higher
  • HUD only requires a 580 FICO credit score to qualify for 3.5% down payment FHA Home Loan
  • Out team, at The Dale Elenteny Team at Gustan Cho Associates have a national reputation of representing a national five star mortgage companies with zero overlays on government and conventional loans

There are lenders, such as myself, that do not have any overlays. We will just go off the automated findings of the Automated Underwriting System. We have no other higher FHA Guidelines than the minimum FHA mortgage lending guidelines.

FHA Guidelines On Charge Offs And Collection Accounts

As long as borrowers meet the minimum FHA guidelines, The Gustan Cho Team at Loan Cabin Inc. has no overlays on FHA, VA, USDA, Fannie/Freddie mortgage loan programs.

FHA Guidelines on Unpaid Collection Accounts

FHA Guidelines does not require for you to pay off existing unpaid collection accounts.

However, FHA Guidelines does classify collection accounts into three separate categories

  1. Non-Medical Collection Accounts
  2. Medical Collection Accounts
  3. Charge Off Accounts

Types Of Collection Accounts

FHA has different categories on the types of collection accounts and FHA Guidelines On Charge Offs And Collection Accounts with these different types of derogatory accounts.

  • Non-Medical Collection Accounts
    • Any non-medical collection account with a total aggregate unpaid balance of $2,000 is ignored by FHA Guidelines
    • Unless the particular lender may have their own lender overlays on paying unpaid non-medical collection accounts
    • If the unpaid non-medical collection accounts are greater than $2,000, then HUD requires lenders to take 5% of the unpaid collection balance and calculate it on the calculations of the debt to income ratios
    • The 5% does not have to be paid but it is just used for DTI Calculation purposes
    • If the 5% calculations are too much and will not qualify the mortgage loan applicant, then the mortgage loan applicant can make a written payment agreement with the collection agency
    • The amount agreed upon as the monthly payment will be used to calculate the debt to income ratios
    • Medical Collection Accounts
      • Medical Collections are treated differently than non-medical collection accounts.
      • The 5% rule is exempt
      • No matter how much the medical collection account outstanding balance is, no portion of it is taken out and used for debt to income ratio calculations

FHA Guidelines On Credit Disputes

Credit Disputes are frowned upon by all lenders.

  • Credit Disputes are not permitted during the mortgage process on non-medical collections and charged off accounts
  • The mortgage process will come to a suspense status unless the credit dispute is removed
  • A new credit report needs to be pulled to reflect the corrected updated credit report with the credit disputes retracted by the consumer
  • Reason being is when a consumer disputes a credit tradeline, the credit bureaus automatically discounts the negative item from the credit scoring model
  • So if the negative credit item is disputed by the consumer, the credit bureaus will take that negative item off the scoring model like it does not exists
  • Therefore, consumer credit scores will increase when there is a disputed tradeline
  • When the dispute is retracted or resolved and remains as a derogatory, that negative item is factored back in to the credit scoring model
  • Therefore, all credit disputes that are retracted, the consumer credit scores will drop.
  • The extent of the drop depends on how recent the derogatory item is

FHA Guidelines On Credit Disputes On Medical Collections

Medical collections are exempt with credit disputes.

  • Borrowers can have credit disputes on medical collections
  • For medical collections, there is no restrictions on unpaid collection account balances
  • It is often ignored unless the particular lender may have their own overlays

Can I Qualify For FHA Loan With Charge Offs? YES!

  • Old collection accounts that the creditor deems uncollectible are charged off on credit report
  • HUD Guidelines On Charged Off Collection Accounts does not require borrowers to pay off
  • Outstanding charged off accounts to qualify for FHA Loans
  • If a borrower goes to a lender and that lender tells the borrower that they do not qualify for a FHA Loan due to charge off, it is because of that lender overlays and NOT HUD Guidelines
  • Borrowers cannot have credit dispute on charged off accounts
  • The credit dispute needs to be removed
  • The mortgage process will come into a complete halt if there are credit dispute
  • Once credit disputes are retracted, borrower’s credit scores will drop

FHA Guidelines On Charge Offs And Collection Accounts: What Are Charge Offs?

A charge off is when a creditor writes the debt off as uncollectible.

  • Many consumers may have unpaid collection accounts that reports as charge offs on their credit reports
  • Charge offs do not count and FHA does not require any charge offs to be paid off since it has been written off
  • Also, those with charge offs will find it next to impossible to pay the charge offs
  • This is because nobody can technically take their payments since it has been written off their books

About The Author Of FHA Guidelines On Charge Offs And Collection Accounts

Dale Elenteny is the author of FHA Guidelines On Charge Offs And Collection Accounts. Dale is a senior mortgage advisor of Gustan Cho Associates, the national consumer direct division of Loan Cabin Inc. NMLS 1657322. Dale Elenteny is a guest writer for Gustan Cho Associates Mortgage Group. Dale has has extensive experience in real estate, commercial and residential lending, and real estate investments. A real estate investor himself, Dale is also a licensed mortgage loan originator in multiple states and has a national reputation of helping borrowers get qualified for mortgages where others cannot. Dale Elenteny of Gustan Cho Associates does not give up. It is not if you get a loan with Matt but when. Stay tuned for more blogs by Dale Elenteny of Gustan Cho Associates.

This BLOG On FHA Guidelines On Charge Offs And Collection Accounts Was UPDATED On December 7th, 2018

Can I Apply For FHA Mortgage With 580 FICO

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Guest Writer
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1
Mortgage With 580 FICO

Mortgage With 580 FICO

This BLOG On Qualifying For Mortgage With 580 FICO Was Written By Gustan Cho NMLS 873293

Many times, it is in a potential borrower’s best interest to participate in a credible credit repair program. Often times, a borrower does not understand why they should do this if they meet the minimum credit score a lender requires for mortgage approval. It is something that is referred by our group on nearly a daily basis, even if your credit score is at or above the minimum to obtain approval.

Can I Apply For A Mortgage With 580 FICO?

It is true, some lenders will lend Mortgage With 580 FICO for a FHA, and simply follow the AUS findings.

  • This is perfectly acceptable if time is of the essence and there is no additional time to wait. However, those lenders may have one or two additional overlays to mitigate the risk of lending to a borrower with a lower credit score.
  • Additionally, even though a 580 credit score can be fully insured by the Federal Housing Administration, it does not mean that there are not some additional restrictions that apply.
  • For instance, the housing ratio and the overall debt to income ratio are going to be lower for those borrowers than they would be for a borrower that has a 620 FICO credit score.

Mortgage With 580 FICO With AUS Approval

While borrowers will likely get an AUS approval their options are still going to be a bit more limited than someone else.

  • Sometimes this plays a factor of being able to purchase the home you really want or not.
  • From that point, it is important to then consider the mortgage lender overlays that they have for credit scores from 580-619.
  • For instance, your housing ratio is limited to 31%, versus a borrower with a 620 credit score who can have a housing ratio as high as 46.9% for FHA mortgages.
  • A borrower with a 580 credit scores have a maximum allowed back end debt to income ratio of 43%, versus a borrower with a 620 credit score who can a ratio of 56.9%.

Mortgage With 580 FICO And 619 FICO

That seems insignificant, however, for many borrowers, this can be prohibitive.

  • Additionally, for those borrowers with a credit score between 580-619 and who are married, even if the spouse is not going on the mortgage, we still need to consider the spouse’s debt as part of the overall debt to income ratio.
  • If the spouse has any outstanding judgments, those must be satisfied prior to closing. This is an example of a lender overlay.

Overlays On Credit Scores

The Gustan Cho Team at USA Mortgage has no overlays on government and conventional loans.

  • This overlay has significant impacts on the overall landscape of the mortgage profile because while the lender will consider the debt, they cannot consider the income of the non-borrowing spouse.
  • In addition to the restrictions listed above, there will likely be mortgage pricing impacts and the interest rate will be less advantageous than ones offered to those borrowers with a 620 FICO score.

What is FACTA and How To Get Your Items Removed?

Given all of the above information, this is where credit repair comes in handy.

  • There are reputable and not so reputable credit repair companies out there.
  • There are certainly those companies that offer credit repair, but do not do anything other than open disputes on every derogatory item on your credit report to see what will stick.
  • There are also credit repair companies that know the laws, and use the reporting violations offered under the Fair and Accurate Credit Transaction Act (FACTA) and the Fair Credit Reporting Act (FCRA) to get items removed.
  • Credit repair companies that repair credit using these two acts to repair credit are where a borrower is going to get the best return.
  • Reputable credit repair companies will often offer a money back guarantee and a guaranteed mortgage approval for clients.

Rapid Rescoring VS  Credit Repair

The first step within the fast rescore method is to get a duplicate of your credit report.

  • Consumers are entitled by federal law to receive a free credit report once each year from every of the key credit bureaus, Equifax, Transunion and Experian.
  • You can begin with a free report, however a investor can have to be compelled to request your credit report themselves to order a fast rescore.

The rescoring method can vary per the things being updated. for example, if scores square measure low attributable to high master card balances, you’ll have to be compelled to pay down the cards before requesting the updates. the overall procedure is as follows.

  • Determine why credit scores square measure low
  • Find out whether or not the things square measure able to be corrected
  • Pay down master card balances or gather documentation proving a slip-up
  • Contact the someone. acquire proof of updated records
  • Provide this documentation to the investor or broker.
  • The investor orders the fast rescore victimization this documentation
  • The investor can receive Associate in Nursing updated report typically among 3 to seven days.

Rapid Rescores Accelerate shopping

Without a fast rescore, a brand new credit report and score may take months. The investor usually desires a better score to issue a pre-approval letter. the client desires that letter in-hand to start out seriously craving for a home.Borrowers can qualify for Mortgage With 580 FICO with 3.5% down payment.

Waiting for a credit score to enhance by ancient ways will appear to be Associate in Nursing eternity. the additional effort it takes to initiate a fast rescore is well definitely worth the weeks or months lost by taking a passive approach to raising your credit scores.

7 Things a Homebuyers Needs To Know

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    Guest Writer
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    7 Things a Homebuyers Needs To Know

    Homeowners spend a bunch of time, power and money into finding homes ready available. They declutter, phase, actually transform as attractive to consumers as you can to make their houses,.

    These questionable goods develop a predicament for real estate agents, says a Realtor at RE/MAX Around Atlanta in Alpharetta, Maura Neill, Georgia.

    Often, though, anything can not be defeat by any level of preparation in the home that, rightly or incorrectly, offends some buyers and provides them negative impacts of the suppliers and their house.

    “We inform our retailer clients to depersonalize a house,” Neill explains. “you would like consumers to experience as if they might create themselves in the home, move around in and become relaxed. Should you ask that (the sellers) take anything along, they could see that as bad.”

    RATE SEARCH: Compare prices today and get prequalified for a mortgage.

    The beholder has the money

    The danger of ignoring the realty broker’s assistance is considerable. Customers ” abandon and might turn around,” Neill says.

    With that in your mind, here are 7 items that might hurt result and buyers in fewer presents.

    Not or imagine it, some dealers keep live, unclean and possibly dangerous pets in virginia homes.

    Sales director at Century 12 Earth in Medfield, Wendy Language, Boston, recalls an rabbit that she claims was ” disgustingly smelly ” and could chase people and try and bite them if they joined your home.

    ” The homeowner just liked the rabbit, did not notice any issues with it, considered it was the sweetest dog ever and was probably resistant towards the scent,” Language says. “The rabbit was absolutely unpleasant.”

    Monkey business

    Specialist/operator of Hunter Mason Realty in Torrance, Courtney Home, California, experienced what may have been a fair worse situation.

    “I had an inventory once we would display the home with monkeys that flung their feces,” she says.

    Dead animals may also be difficult.

    Broker/operator of Bevis Realty in Tallahassee, Barry Bevis, Florida, recalls a for-sale household that had a “prize” bedroom over the storage.

    “The photographs of your home (online) had these huge elk heads and deer brains,” he says. “It Is better to leave it out. You’re going to upset too many people.”

    By the way, not everybody loves animals both, therefore food dishes, litter boxes, play toys and so on must be taken from a house when it is on the market, Bevis says.

    CHARGE SEARCH: create other home improvements or Consider utilizing an unsecured loan to decorate your home.

    “Many people feel just like the creatures cause a lot of tear and wear or are allergic to pets,” he explains. “when you have any proof of animals within your property, it’s likely to turn a sizable phase of consumers off.”

    “You never be prepared to view a Nazi banner hanging on the wall,” Neill says. “But we walked in to what were the room of a teenager and into a relatively vanilla suburban household and there is a huge flag having a swastika about it hanging to the wall.”

    Indeed, any sort of polarizing or emotionally charged display like, state, a Confederate flag, can be questionable.

    “There’s a discussion about whether it’s heritage and pride or bias and bigotry,” Neill says. “determined by who you talk to, you get another response.”

    Really? On the key?

    An incident when a poor effect was produced by this type of banner is recalled by Bevis.

    “I had been displaying a house to an African American couple,” he says. “I opened the lockbox as well as the key was (stamped with) a Confederate battle flag. These people were really turned by it off only a little bit. Quickly they did not just like the people promoting your house.”

    Sports team rivalries fuel powerful emotions, and a selleris spirted support of the “improper” staff can cause a sour impression.

    ” Having your house decked out in your crew mightn’t hurt customers, nevertheless it may color how they consider that home,” Neill says. “It Is not often (simply the dog owner’s) group’s material. Additionally it is stuff making fun in their opponents. Consumers do not desire to head into a house that is berating their staff.”

    English says long-distance moving consumers (known as “relos”) are most likely to be delay.

    ” Relos see Patriots stuff, Red Sox stuff and comes into play, also it does rub them the way,” she says. “Dealers do not necessary know how highly someone may answer a common team.”

    Whether it is art, child images or pornography, nudity makes some buyers uncomfortable.

    In some instances, retailers don’t understand they will have exposed a lot of information. In others, dealers want to make a statement, even if it’s at their own expense.

    “Anybody who has a classy painting typically will get the reasoning that it seems sensible to take along it,” English claims. “The not-stylish stuff, I think those individuals are getting for your shock-value, which doesn’t help sell your house.”

    Self offers a few types of items she is seen in for sale properties: a statue of male genitalia next-to a bed, wallpaper patterned with bare ladies in a guest bathroom along with a drunk heir (yes, we imply a live person), shirtless and passed out on the ground.

    While customers desire to visit a for-sale house, they expect you’ll observe the entire house, not merely elements of it.

    That makes a locked room a large turnoff, English says.

    Whateveris behind the doorway might not be objectionable, but customers haven’t any method to know for sure as long as they truly are held out.

    “Every so often there will be a house where the homeowner may have a locked place which you can’t view which makes buyers state, ‘Forget it,'” Language claims.

    Stop the coffin

    Language recalls a property that had an incredibly large rock included with plywood panels within the basement.

    Mysterious things can trigger a similar effect.

    “Area of The property examination was that see what was underneath it and the customer wanted to take away the plywood. It was only a steel, whilst the supplier had mentioned, but everyone called it ‘the coffin,'” she says.

    Agent/seller of Ventura Real Estate Co. in Ventura, Derek Turner, California, says he experienced an empty beer pot and can wall paraphernalia on the coffee table and kitchen counter in a for-sale house.

    Despite comfortable laws in some U.S. states, marijuana as well as other medications are still not federally legal and their presence or evidence of use, including smells, in a home could deter consumers.

    Turner says, “My client didn’t create an offer.”

    Standard purchase closure rates reach a fresh high in report at nearly 74%

    By
    Guest Writer
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    1

    Standard purchase closure rates reach a fresh high in report at nearly 74%

    PLEASANTON, Calif. – February 17, 2016 – 2016 started off with the typical time to close a loan rising to 50 complete days according to the latest Origination Insight Report released by Ellie Mae® (NYSE:ELLI), a top supplier of advanced on demand applications solutions and services for the residential mortgage business. The typical time to close a purchase loan rose to 51 while the typical time to close a refinance rose from 47 to 48 days. The typical time to close FHA loans rose from 49 days to conventional loans and 51 days remained mostly unchanged at 49 days. Time to close VA loans rose from 52 to 53 days.

    Standard purchase closure rates reached a new high, rising above 73 percent for the very first time since Ellie Mae started monitoring data in August 2011. One percentage point rose to 68 percent. While purchase closure rates rose to over 72 percent refinance closure rates rose to almost 65 percent.

    When it comes to loan function, purchases represented 52 percent of all shut loans while refinances as a percentage of lenders’ total loan volume soared to 47 percent.

    Ellie Mae’s data reveals the average FICO score on shut loans fell from 722 in December in January, the biggest month-to-month drop since mid-2015 to 719. The typical FHA refinance FICO score fell to 645, down from 651 in December.

    We continue to find time to close over month reaching since TRID went into effect 50 days, which is up four days, said Jonathan Corr, president and CEO of Ellie Mae. “We’re also finding a rise in purchase and refinance closure rates as they grow to 72.2 percent and 64.9 percent respectively, in January.”

    The Origination Insight Report mines its program information from a robust sampling of about 66 percent of all mortgage applications that were started on the Encompass® all in one mortgage management option. Ellie Mae considers the Origination Insight Report is a powerful proxy of the underwriting standards used by lenders across the country.

    Other findings from the January report:

    • The typical 30-year rate for all loans rose marginally to 4.30.
    • DTI stayed consistent for the fourth consecutive month at 25/39.

    MONTHLY ORIGINATION SUMMARY FOR JANUARY 2016

    January
    2016*    		 December
    2015*    		 6 Months Past
    (Jul. 2015)*    		 1 Year Past
    (Jan. 2015)*
    Closed Loans
    Goal
    Refinance 47% 43% 36% 51%
    Purchase 52% 56% 63% 48%
    Type
    FHA 22% 22% 24% 15%
    Standard 65% 65% 62% 70%
    VA 10% 9% 10% 11%
    Days to Shut
    All 50 49 48 40
    Refinance 48 47 52 39
    Purchase 51 50 45 40
    Percent of ARM & Given Loans
    ARM % 5.3% 5.3% 5.5% 5.1%
    15 Year % 11.1% 10.8% 9.2% 10.8%
    30-Year Rate
    Typical 4.30% 4.26% 4.288% 4.154%

    *All references to months should be read as month finished.

    PROFILES OF CLOSED AND REFUSED LOANS FOR JANUARY 2016
    Shut First-Lien Loans (All Kinds) Refused Loans
    (All Types)
    FICO Score (FICO) 719 645
    Loan-to-Value (LTV) 79 88
    Debt-to-Income (DTI) 25/39 28/50

    To get a substantive view of lender pull through, Ellie Mae reviewed a sampling of loan applications began 90 days past—or the October 2015 applications—to compute an entire closure speed of 68.4 percent in January 2016 (see complete report).

    About the Ellie Mae Origination Insight Report

    The Origination Insight Report mines its program information from a robust sampling of about 66 percent of all mortgage applications that are started through Ellie Mae’s Encompass all in one mortgage management option. In 2014, about 3.7 million loan applications ran through Encompass. Given Ellie Mae’s market share and the size of this sample, the Company considers the Origination Insight Report is a powerful proxy of the underwriting standards that are being used by lenders across the country.

    The Origination Insight Report focuses on loans that closed or were refused in a particular month and compares their features to similar loans that closed or were refused three and six months before. The closure rate is computed on a 90-day cycle in place of on a monthly basis because most loan applications generally require one-and-a-half to two months from application to close. Loans that don’t close could be programs or busy programs removed by consumers or refused for incompleteness or non-qualification.

    The Origination Insight Report facts aggregated anonymized data. The report will not reveal customer-unique or proprietary info.

    News organizations have the right to reuse this data, supplied that Ellie Mae, Inc. is credited as the source.

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