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yonkerslo
Dud?


Joined: 10 Apr 2009
Posts: 16

New FHA Underwriting Rules
PostPosted: Tue Apr 03, 2012 1:26 pm Reply with quoteBack to top

How do you think the new ML 12-03 will impact FHA lending? More specifically, with regard to paying collections.

http://portal.hud.gov/hudporta.....2-03ml.pdf
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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: New FHA Underwriting Rules
PostPosted: Tue Apr 03, 2012 5:27 pm Reply with quoteBack to top

initially I think it will hurt but once the public understands this, things will be as the used to.
just when all those 100% loans went away, all of a sudden people had downpayment? no they always had it just did not want to use it.

I think its good, think of it this way, a person has a 40% dti, has a 3 year old collection of $8k, he gets sued by the creditor now has to pay a monthly payment, now that DTI is much higher and layered risk keeps piling up...

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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: New FHA Underwriting Rules
PostPosted: Tue Apr 03, 2012 5:28 pm Reply with quoteBack to top

initially I think it will hurt but once the public understands this, things will be as they used to.
just when all those 100% loans went away, all of a sudden people had down payment? no they always had it just did not want to use it.

I think its good, think of it this way, a person has a 40% dti, has a 3 year old collection of $8k, he gets sued by the creditor now has to pay a monthly payment,and or gets his wages garnished, now that DTI is much higher and layered risk keeps piling up...

I have been in the biz for 15 years and in the 90's you had to pay all collections with most FHA lenders..

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