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I was searching the internet for FHA underwriting rules and testimonies. I came across this .doc on the HUD.gov site and it really gives a lot of information on the underwriting process for FHA Loans, both Automated (TOTAL) and Manual. It really allowed me to put all of the GREAT advice from these myFICO forums, especially the advice from ShanetheMortgageMan & the other "experts"!
Please note that this is from 2004, but most of it is still in play today:
FHA TOTAL Mortgage Scorecard User Guide
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/04-47ug.doc
FHA Loan Officer Training
http://www.hud.gov/local/mn/homeownership/2008-05-09fha.ppt
I hope this information is helpful to somebody else...
This was very interesting reading. However I have one question for the mortgage pro's that answer questions here.
In this document it states that a Chapter 7 liquidation AND a Chapter 13 must be 2 years from discharge. I was under the impression that because a Chapter 13 had been filed more than 2 years ago but was recently discharged, then one could qualify for FHA.
So is this not the case? I am going to be discharged in February/March 09 for a Chapter 13 that was filed in August of 2005. My goal was to buy a home in March/April and I have been gearing my credit and score for that purpose. Does this mean that I have to wait until 2011 to purchase?
Thanks
No you are correct CH 13 needs 12 months of paid as agreed
Look at page 23 of the second document
Brian
Thank you so much for your quick answer. I can breathe again, maybe.
Paid as Agreed as in tradelines on my credit report. I have NOTHING late since 2005. I reestablished a couple of tradelines in 06 and most recently in 08, which are all going to be 12 months in June of 09. But I have more than 3 tradelines reporting since 06 as Paid as Agreed, never late.
There is hope for me!!
thanks again
PS I wasn't able to open the second document on my computer so not sure what page 23 actually says. If the OP could repost it not in power point format, that would be great!
thanks