Tobias Team at Fairway Independent Mortgage Corporation

(480) 626-2202
2325 E. Camelback Road #100
Phoenix, AZ 85016
Arizona's #1 FHA Lender (2014)
NMLS #221602 | FIMC NMLS #2289

Mar 29 2011

600 Fico Score’s Now Allowed for FHA Financing

The following requirements apply to all loans having credit scores between 600 and 639.

-The property must be a single-family residence, condominium or PUD

The following property types and loan purposes are ineligible: -2-4 unit properties

-Build-on-own land transactions

-Loan amounts greater than $417,000

-Maximum ratios for loans receiving a Total Scorecard “refer” response – 31/43

-Borrowers may not have had any short sales, “settled for less than amount owed,” public records, judgments, bankruptcies, foreclosures or tax liens in the most recent three years

-Borrowers may not have had any collections, other than medical, in the most recent 12 months

-Borrowers may not have had any 30-day late payments on mortgage, rent or installment debt in the most recent 12 months

-Borrowers may not have had more than one 30-day late payment on revolving debt in the most recent 12 months

-Cash-in-hand for cash-out transactions is limited to $25,000

-Overtime, bonus, second job, income from part-time employment, commission income and self-employment income may not be used to qualify unless the borrower has at least a two-year history of receiving the income. The two years must be consecutive years of employment, but employment with the same employer is not required

-Gifts may not be used to pay down or pay off revolving or installment debt for qualification purposes. However, gifts, grants, eligible down payment assistance programs and/or loans from family members are permissible sources of funds to close on a purchase transaction, subject to all FHA requirements

-Non-occupant co-borrowers are permitted, provided the occupying borrowers qualify without the non-occupant borrower’s income at ratios of 35/45

Call The Tobias Team for instant Pre-qualifications and for more information @ 480-626-2202 or

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