As default rates on FHA Loans continue to soar, most lenders have once again raised credit score requirements. Last year we saw FHA minimum scores set at 580, and now they have been raised to 620. I think its important to note that FHA is not setting these minimum scores, but the lenders who make […]
By continuing to offer the lowest rates in the industry we have seen significant growth over the past few months. While other lenders and mortgage brokers are struggling, R P Funding is steadily growing and helping more homeowners with their FHA mortgage needs.
As an FHA Direct Endorsement Lender, R P Funding is able to offer top […]
After dodging the bullet a few times over the past few years, seller funded DPA is finally gone. This time it will take more than a court order to save Seller Funded Down Payment Assistance. A new bill passed by the house and the senate and expected to be signed into law by the President, […]
HUD Announced the much awaited changes to the FHA Mortgage Insurance Premiums (MIP) and Up-Front Mortgage Insurance Premiums (UFMIP) based on LTV and Credit Score. With all the talk about FHA doing what it can to help home-buyers I find this to have strange timing. This will definitely put a lot more cash into the […]
In my opinion the FHA Manufactured Home One Time Close Construction Permanent Loan is one of the most difficult transactions to put together. It layers all of the most complex loan types imaginable you have a Construction To Permanent Loan combined with an FHA loan and then mix in Manufactured Home as the property type and […]
4155 may sound like the price of a used car but it is actually the FHA bible. Most people in the mortgage business say it as “Fourty-One, Fifty-Five” as opposed to the Four Thousand One Hundred Fifty Five. This is the document number assigned to the federal housing administration (FHA) handbook for single family mortgage loans.
These […]
We have recently found out that Taylor Bean and Whitaker is still accepting FHA loans below a 580 credit score with a manual underwrite.
There underwriting times are very slow for this reason because they are getting a lot of loans they cannot approve. If you have an FHA loan below a 580 credit score and […]
Although FHA guidelines do state that Overtime pay should have a two year history, a Direct Endorsement Underwriter can make an exception to use overtime with only a 1 year history. A direct endorsement underwriter can also take previous job history and recent transfers into account when calculating overtime for someone who doesn’t have a full […]
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R P Funding is a new, locally owned, FHA Direct Endorsement Lender. Get in on the ground floor with […]
One of the many great features of an FHA Mortgage Loan is what it can do for borrowers in bankruptcy. While conventional loan programs turn their back on borrowers with bankruptcies, FHA will allow a borrower who has been in Chapter 13 bankruptcy for only 12 months for refinance their home and buyout the bankruptcy […]