In order to qualify for an FHA loan in Utah you will need the following….

1) Be currently employed, have a 2 year job history with minimal gaps, if there is a gap in the employment then a good letter of explanation and a “make sense reason” for that gap should/could be sufficient with most lenders I deal with.

2) If you are receive commissions or overtime then you will have to have received them for 2 years on order to count this income when figuring out a borrower’s income.

3) If you receive commissions 2 years of IRS tax returns will also need to be submitted so that the Underwriting department can then assess your income based on how many deductions the commissioned borrower claims

4) A 2 year proof of residence

5) Your debt to income should not exceed 45% of your gross income including the mortgage payment and all of your other debt that appears on a credit report.

6) Most investors require a minimum of a 620 middle FICO score, however, I have access to a few investors that will allow lower FICO’s

7) You must have 3.5% of the purchase price as a down payment. So, if the property you are looking at is $150,000 then ….$150,000 x 3.5%= $5250. This down payment can be gifted by a family member, employer, or your church.

Knowing these 7 things will help you to know whether or not you fit inside the basic “model” of an FHA borrower.

Please keep in mind that just because you do or don’t fit all of these criteria doesn’t mean that you do or don’t qualify for an FHA loan.

I have personally originated loans for borrowers who haven’t fit eveyone of these guidelines. The key is to have a good, no great Loan Officer, who is willing to put together a submission with the items that might make an Underwriter think, “well maybe if the borrower had _______” I’d extend a loan to them.

When applying for an FHA mortgage the more information the Loan Officer has the greater the chance they have to convey to an Underwriter why this borrower should be eligible for a mortgage based on the guidelines.

Do I hear No from Underwriters, unfortunately I do. When I do though I’m confident that I have tried every ethical and legal way I can think of to get a yes out of the Underwriter before I get the final No. 

My commitment to my clients as The Low Price Lender is simple; provide the financial services for each individual client in a way that I continue a life long relationship with them. This is done with focus, a professional climate, forward thinking, constant communication, and integrity.
Article Source

A bit of humor...


Powered By WPHumor

Famous Quotes..


Powered By Famous Quotes

Please Note... All links within articles are placed by their author-owners and not by this blog.Products with in those links may or may not be the best in the world.If it sounds too good to be true it could be a scam.Articles are posted for their info,ideas and or entertainment value only.

Powered By WP Footer

The most important document you will need in your loan modification application is the Loan Mod Letter or better known as the Hardship Letter. The hardship letter basically tells the lender why you had gotten into difficulty paying your monthly dues so it should clearly paint your current financial picture. This is your opportunity to tell your lender the circumstances of your difficulties and the steps you have been taking to deal with your dilemma.  Make sure your reasons fall within the “acceptable hardship” list and will guarantee the lender that if given the chance to adjust your monthly dues, the home loan payments will be made on time from then on.

These are the acceptable hardships from the lender’s point:

1. Loss of job or decrease in overall income
2. Death of the homeowner, spouse or family member causing added expenses
3. Illness in the family causing unforeseen expenses
4. Divorce or separation
5. Forced job relocation by employer
6. Adjustable rate reset-payment shock
7.  Increasing expenses (on basic necessities)

Now, there should be one or two reasons from above that speak exactly of your predicament.  You are raring to tell your lender about your story. Go ahead but keep in mind that lenders are up to their necks with thousands of other frantic homeowners seeking alternative solutions to keeping their homes.  Your hardship letter should be structured in a way that lenders will read on beyond your first paragraph and take your case into consideration.

Here are some valuable points the loan modification process has taught me regarding Hardship Letters:

• Keep your letter short, straight to the point but comprehensive.  Try keeping it all in one page or if you can’t, don’t go beyond the upper half of the second.
• Describe the hardships and the circumstances that caused them before getting into anything else.  Make sure you indicate the occurrence date so your lender can tie this up with your failure to make your payments in the past
• Relate what steps you have taken to address the situation.  If you or your spouse has taken additional part-time jobs, let them know.  Any additional income from your end will be good news to your lender
• Provide your lender with a clear plan of how you intend to get back on track
• Assure your lender that you are a responsible homeowner and impart all motivations you have on keeping your home.  If you have various community involvements or are a member of social organizations, tell this to your lender.  It may seem unrelated information to you but your lenders interpret this as something that drives you to maintain your status and reputation in your social circles

Million others face the same predicament as yours, and success in the loan modification process depends largely on how you work things out with your lender.  You need not engage the services of loan modification specialists who may charge you tyrannical fees to get your application going.  There are do-it-yourself kits that come with a complete guide plus on how to go about the loan modification process.  They include fillable forms that help you auto-generate compelling hardship letters and impressive payment proposals plus comparative market reports on your property. Your lenders will love receiving this type of application package from you as it means a whole lot less work for them.

You really don’t need a lot to successfully modify your loan. You simply need a little do-it-yourself assistance that comes with complete knowledge support on the whole process to get your application to the frontline. Check out one of these help tools at: http://www.ucanbeatthebanks.com/option1.php

Lee Sebele has generated over 40 million dollars of real estate transactions in the last 10 years . By utilizing his extensive expertise hundreds of people have been able to keep their homes during this difficult time.

Loss Mitigation Consultant
Negotiation Center of America
(Real Estate industry)

April 2008 — Present (1 year 8 months)

…Working with homeowners to modify loans and save properties from default or foreclosure.

Article Source:http://www.articlesbase.com/mortgage-articles/how-to-make-a-compelling-hardship-letter-for-your-loan-modification-1494865.html

A bit of humor...


Powered By WPHumor

Famous Quotes..


Powered By Famous Quotes

Please Note... All links within articles are placed by their author-owners and not by this blog.Products with in those links may or may not be the best in the world.If it sounds too good to be true it could be a scam.Articles are posted for their info,ideas and or entertainment value only.

Powered By WP Footer