Can I get an FHA loan if I used consumer credit counseling?

By
Real Estate Mortgage Broker with Sierra Pacific Mortgage Raleigh

fha loansIf I have used a consumer credit counseling payment plan am I still able to apply for an FHA loan?   The good news is, YES.  However there are some steps that must be taken.

 

Participating in a consumer credit counseling payment program does not disqualify somebody from obtaining an FHA  mortgage.  This is providing that the lender documents one year of the pay-out period has elapsed under the plan and that the buyers payment performance has been acceptable, meaning no late payments on accounts or rent.

 

It is imperative that the buyers loan officer help them receive written permission from the counseling agency to apply for an FHA loan.  There are many caveats to FHA financing and with it come many questions.  Feel free to contact us about this or any other mortgage related question.  We are always glad to help. 

 

 

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Nevin Williams NMLS#69651  CA DRE #01366552

 

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Topic:
Lending / Financial
Location:
California San Diego County Carlsbad
Groups:
Everything California
Mortgage Brokers
Posts to Localism
Realtors®
Tags:
fha loans
fha lender carlsbad
consumer credit counseling
carlsbad mortgages
home buyer mortgages

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Rainmaker
391,908
Chandler Real Estate Liz Harris, MBA
#ChandlerRealEstateAgent
Liz Harris Realty

Good info!  It seems we need to take extra classes on this sort of stuff so that we can pass along good info to our clients.

December 21, 2010 11:54 PM
Rainer
84,025
Angelina Clarke-Kares
www.KaresandKompany.com
Kares & Kompany Image Design Agency

Great info!!  Thank you for sharing!! This is a topic that comes up quite often.  Thank You for sharing!

December 21, 2010 11:57 PM
Ambassador
324,010
Melissa McKinney
Realtor, www.LivingFayetteville.com
McKinney Realty Group

Nevin~ Great information! I would not have guessed that...but that is why you give the money and I find the houses!! :0)

December 21, 2010 11:59 PM
Rainmaker
1,205,506
Carla Muss-Jacobs, Principal Broker/Owner
Buyer Focused ~ Buyer Results
BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time

Thanks for staying ahead of the hoops curves!

December 22, 2010 12:09 AM
Rainmaker
392,564
Nevin Williams
Raleigh Mortgage Pro
Sierra Pacific Mortgage Raleigh

Liz -  I never stop educating myself.  As soon as i do I become ineffective to my clients.  Cool thing about Active Rain is that you can read blogs to get the education you need!

Angelina - You bet!

Melissa - There are many things a Realtor must do to do their job wand I can;t begin to imagine all of the variances so I leave that up to the experts- you!  Money?  No problem.  Do it all day long. : )

Carla - Hoop! There it is!  Hoop! There it is!  Hoop! There it is!

December 22, 2010 11:17 AM
Anonymous
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Rainmaker
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Nevin Williams

Raleigh Mortgage Pro
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