chow
Joined: 22 Jan 2005
Posts: 2352
Location: Cornfield County, Indiana
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| Posted: Thu Jan 12, 2006 5:33 pm Post subject: Loans for Hurricane Rita and Katrina |
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As some of you know I'm taking some intensive HUD training this week and today the new Mortgagee letter concerning the FHA Loan 203-H. came out.
This is a specific loan designed for people to use after natural disasters which has caused them to become homeless. The interesting part to this mortgagee letter is that it allows the people to use the 100% financing on the 203-H, even if they haven't resolved the mortgage with the current lender being paid off.
Read the letter when it comes out-if you can do FHA loans and you have people in your area who relocated- Market this program!!!! The underwriters are being some very specific instructions-and make sure you talk to your UW's about this letter!!!
http://www.hud.gov/offices/hsg/sfh/ins/203h-dft.cfm
In case you didn't already guess-it will have to be manually underwritten because we all know the credit scores and late payments would most likely burn a hole in the automated underwriting systems! :lol: :wink: :lol:
Okay, back to getting more FHA crammed down my throat......Hope you use this to help people! |
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