FHA Fact Of The Week

FHA Tips:
When qualifying an FHA Borrower, always be sure to establish a very detailed and specific credit explanation for each and every credit issue they may have.
FHA Manual Underwriting is largely based on Letters of Explanations and supporting documentation regarding derogatory credit. The worse the credit, the better and more detailed the explanation should be.
CHL's FHAnswer System is designed to indicate and accommodate the explanations on these tough credit issues at the approval stage, as well as automatically calculating all the compensating factors on your loan when presenting it to underwriting for an approval.