No “Good” in Good Faith Estimates?

Date May 10, 2008

How close an estimate are you given?

sample good faith estimateWhen you apply for a loan, lenders are required to offer a form known as the “.” This form is supposed to provide the borrower with a realistic estimate of the costs…

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Types of Alternate Credit for FHA

Date May 9, 2008

According to the HUD Mortgagee Letter 2008-11, HUD has created two groups of references that can be used as alternative credit for FHA mortgage loans. These are used when the borrower’s credit file does not have enough information to create a credit score, or when the credit file produces a score with very limited credit. HUD stressed that these are not to be considered as an alternative to “poor credit.”

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