FHA SAVE

Posted by Barry Lynn Miller on Thursday, May 19th, 2011 at 4:30pm.

FHA SAVE

Thousands of HUD foreclosures and thousands of homeless families and lets play a little match maker.”

Requirements, Guidelines and Laws that must be followed:

Credit will not be the main deciding factor {what the buyer needs to explain or demonstrate is what factors caused the bad credit issue (job loss, sicknesses, ect.) and what they have done to correct the problem
3-4% minimum FHA funding fee to protect HUD and the tax payer for Loses
Minimum of 5% down - no gifts of any kind {remember the buyer has to show improved financial conditions}
Max DTI ratios of 29%-39%
Make it illegal for any company to fund any loan that allows the buyer to exceed the max ratio of 39%

See full story on my ActiveRain Blog

Sincerly Yours

Keller Williams Trussville

For all your central Alabama Real Estate Needs be sure to contact the "Executive Team"