The Federal Housing Administration has recently released a waiver offering relief to those who have been recently rejected from obtaining a home loan. The new waiver allows those rejected borrowers to now stand a better chance of getting accepted for a loan from another lender. This waiver could be a game changer for many potential buyers, yet there is uncertainty as to how much it will benefit loan officers who have been starved from a lack of loan volume.
This waiver could be beneficial for many potential borrowers, as it may alleviate the pent up demand that has built up. According to the FHA, the waiver would allow some borrowers who have been recently denied a loan to be more easily approved for a home loan from another lender. It could also allow borrowers to be exempt from certain requirements, such as debt-to-income ratio limits.
In summary, the FHA recently released a waiver offering potential relief to rejected borrowers who seek to buy a home with another lender. The waiver could make it easier for borrowers to go through with the loan process, as well as potentially exempt them from certain requirements. While the outcome of the waiver is unclear, it could bring much needed financial relief to many borrowers, as well as may benefit loan officers in an otherwise low-volume environment.
Key Points:
• FHA released a waiver to help rejected borrowers
• Waiver could make it easier to obtain home loan from another lender
• Borrowers may be exempt from certain requirements
• Outcome of waiver unclear, could bring financial relief to many borrowers and could help volume-starved loan officers
You can read this full article at: https://www.housingwire.com/articles/fha-does-a-solid-for-mortgage-credit-rejects-will-it-move-the-needle-for-loan-officers/(subscription required)
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