Ola Gilliam March 27, 2020 Explanation Letter
the borrower the of the situation resulted in the credit issues and you have advised them it is really a crime to lie in this case, have them write out why the issue happened. Make they account and address for each single negative thing on the credit file irrespective of how old or insignificant it appears. Make them explain in their own words why they problem will not happen again and again exactly they will have shifted in their own life to stop it from doing this. have them explain why they think the underwriter should reasonably expect them to be able to make the obligations.
Loan officers who have lost their subprime golden goose are streaming in to FHA loan origination. Their FHA loans have been turned left and right frustrated underwriters who can't believe this crap was on their own desk.
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not telling your visitors must have credit. I am saying you must not be helping deadbeats who haven't changed their habits, but need a house because"that they have been fed up with throwing their money away on rent" Economy yourself and find the folks who really did an unexpected problem ruin their charge and have learned their lesson. Remember FHA cut you from app should you allow too many deadbeats by your filter anyway.