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FHA loans - FHA mortgages - The difference between HUD & the lenders......
FHA loans in the last 12 months have become one of the most used types of mortgages. There could be several reasons for this......
less money down - 3.5% down lower credit scores - anywhere from 600 down to 550. less than perfect credit no credit at all 2 years out of a bankruptcy Well, things have been changing. No, HUD hasn't really been changing the FHA guidelines, but the investors and banks have been changing them. We are in a credit crunch crisis. Just in the last few months, I have been getting a few calls and e-mails from people telling me that HUD's website says this or that. I have actually had a few people argue with me a little, because of what it's says on HUD's website. Just a word to the wise, FHA doesn't do the mortgages. They don't service them, they just insure them. It all comes down to the investors and those that sell back to Wall Street. Now, I will admit, you can't believe everything that you read or hear. There was a rumor going around that credit scores were going to be mandatory across that board at 620 and above. ... more
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