Mankell Hayes – Page 3 – Superior Mortgage

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First, you need to wait until a judge discharges your bankruptcy before you can get a loan. But exactly how long do you need to wait?

Caliber Mortgage

August 6, 2021

by Mankell Hayes

in Caliber Mortgage FHA Loans VA Loans

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“] Https://blueprint.wholesale.caliberhomeloans.com

August 4, 2021

by Mankell Hayes

in Fannie Mae Tutorials

Risk Factors Evaluated by DU

DU considers the following characteristics in the credit report to assess the creditworthiness of borrowers who have traditional credit histories: credit history, delinquent accounts, installment accounts, revolving credit utilization, public records, foreclosures, collection accounts, and inquiries.

August 3, 2021

by Mankell Hayes

in Caliber Mortgage FHA Loans Tutorials

Learn how to generate and send initial disclosures from Caliber Home Loan System

Does HUD provide an automatic extension for foreclosure when a Borrower files bankruptcy?

HUD allows the Mortgagee an additional 90 Days from the date of the release of stay of the Chapter 7 bankruptcy to recommence the foreclosure.

Can FHA clear Credit Alert Verification Reporting System (CAIVRS) information reported by other Federal Agencies?

FHA cannot alter or delete CAIVRS information reported from other Federal agencies, such as the Department of Education, Veterans Affairs, etc.

Must deferred obligations be included in the borrower’s liabilities?

Deferred obligations (excluding Student Loans) refer to liabilities that have been incurred but where payment is deferred or has not yet commenced, including accounts in forbearance.

What are the guidelines for borrowers with a short sale on a previous residence?

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Can overtime, bonus, or tip income be used as effective income?

Overtime, Bonus, or Tip income refers to income that the Borrower receives in addition to the Borrower’s normal salary.

How does a bankruptcy affect a borrower’s eligibility for an FHA mortgage?

A Chapter 13 bankruptcy does not disqualify a Borrower from obtaining an FHA-insured Mortgage, if at the time of case number assignment at least 12 months of the pay-out period under the bankruptcy has elapsed.