• the FHA or VA Mortgage inability to manage debt; or
• extenuating circumstances.
FHA/ VA MORTGAGE LENDERS EXCEPTION
A Judgment is considered resolved if the FHA or VA Mortgage Applicants has entered into a valid agreement with the creditor to make regular payments on the debt, the FHA or VA Mortgage Applicants has made timely payments for at least three months of scheduled payments and the Judgment will not supersede the FHA or VA Mortgage-insured mortgage lien. The FHA or VA Mortgage Applicants cannot prepay scheduled payments in order to meet the required minimum of three months of payments. The payment amount in the agreement must be included in the FHA or VA Mortgage FHA or VA Mortgage Applicants monthly liabilities and debt. The lender must obtain a copy of the agreement and evidence that payments were made on time in accordance with the agreement. The lender must provide the following documentation:
• evidence of payment in full, if paid prior to settlement;
• the payoff statement, if paid at settlement; or
• the payment arrangement with the creditor, if not paid prior to or at settlement, and a subordination agreement for any liens existing on the title.
Manual Underwriting Approvals! – FHA mortgage lender
We Provide Same Day Manual Underwriting FHA Mortgage Approvals! When the mortgage applicants information is entered into what’s called an Automated …
… BUYERS MORTGAGE · STATED INVESTORS · REFINANCE MORTGAGE · BANK STATEMENTS ONLY · STATED INCOME · MANUAL UNDERWRITING.