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...from HUD - FHA Underwriting Guidelines

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Anonymous
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...from HUD - FHA Underwriting Guidelines

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...

 

Message 1 of 5
4 REPLIES 4
granny031350
Established Contributor

Re: ...from HUD - FHA Underwriting Guidelines

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

Message 2 of 5
BrianB_The_Loan_Professor
Valued Contributor

Re: ...from HUD - FHA Underwriting Guidelines

No you are correct CH 13 needs 12 months of paid as agreed

 

Look at page 23 of the second document

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 3 of 5
granny031350
Established Contributor

Re: ...from HUD - FHA Underwriting Guidelines

Thank you so much for your quick answer.  I can breathe again, maybe.  Smiley Happy

 

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

Message 4 of 5
granny031350
Established Contributor

Re: ...from HUD - FHA Underwriting Guidelines

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!  Smiley Happy

 

thanks

Message 5 of 5
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