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

By
Mortgage and Lending 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 II

Sierra Pacific Mortgage Company Phone: 888-206-5781 (919) 863-4370

nevin.williams@sierrapacificmortgage.com

NMLS #: 69651

 

2501 Blue Ridge Road

Suite 250, Office 229

Raleigh, NC 27607

Company NMLS # 1788 | www.nmlsconsumeraccess.org

Rates, terms and programs subject to change based on market conditions and borrower eligibility

Licensed in California by the Department of Business Oversight under the Residential Mortgage Lending Act

Licensed in North Carolina

Licensed in Virginia

 

 

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Location:
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Tags:
fha loans
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consumer credit counseling
carlsbad mortgages
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Rainmaker
441,754
Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

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 #1
Rainer
84,037
Angelina Clarke-Kares
Kares & Kompany Image Design Agency - Tampa Palms, FL
www.KaresandKompany.com

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 #2
Ambassador
324,264
Melissa McKinney
McKinney Realty Group - Fayetteville, NC
Realtor, www.LivingFayetteville.com

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 #3
Rainmaker
1,251,530
Carla Muss-Jacobs, Principal Broker/Owner
BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% o... - Portland, OR
Buyer Focused ~ Buyer Results

Thanks for staying ahead of the hoops curves!

December 22, 2010 12:09 AM #4
Rainmaker
396,949
Nevin Williams
Sierra Pacific Mortgage Raleigh - Raleigh, NC
Raleigh Mortgage Pro

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 #5
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Nevin Williams

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