Ricky Khamis's Blog: FHA RECENT UPDATE




Nontraditional Credit with FHA loans. what to be aware of:


1. Directed at borrowers with little or no credit.

2. Must have 3 alternative trade lines for 12 month with good history.

3. Borrowers who have no Tier I credit will need:

    A. Two months of mortgage payments in the bank.

    B. No exceptions wil lbe granted on Ratios over 31/41.

4. Credit must be clean for last 12 months on all alt trades.

Remember that Clients with little credit some adverse credit or no credit at all can still qualify for a mortgage, currently I have 5 files that are all manual underwrites with Alternative credit trades who were told NO by 1 or 2 other mortgage companies.  luckly for them they were with a Realtor who has heard of me as the Rain Maker and I am getting them done.

Here is a link to the Mortgagee Letter put out by Hud.

Link to update letter

Ricky Khamis, CMPS 




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Ricky Khamis
NMLS 173141 | LO-0911814 | CA-DOC173141
Branch Manager | Corporate Office
Arizona and California CE Instructor

Email: Rick@amerifirst.us

480-344-1900 office
602-758-7425 mobile
480-339-1615 fax

NMLS 145368 

1550 E. McKellips Rd, Suite 117
Mesa, AZ 85203


Amerifirst Financial Disclosure-  The opinions expressed here are the personal opinions of Ricky Khamis.  Content published here is not read or approved by Amerifirst Financial before it is posted and does not necessarily  represent the views and opinions of Amerifirst Financial.

Comment balloon 4 commentsRicky Khamis • May 05 2008 11:32AM


Its good and bad all at once???? 

Great info

Posted by Dave Werth, FULL TIME REALTOR (WERTH REALTY ) over 12 years ago
Knowing is the key in this bloody battle for foot hold
Posted by Ricky Khamis, NMLS 173141 | CADOC 173141 - 480-339-1565 (Amerifirst Financial, Inc. (NMLS #145368)) over 12 years ago
Thanks for the update.  It is good for me to know as an attorney what options are out there!
Posted by Nyles Courchesne, Massachusetts Real Estate Attorney (Peskin, Courchesne and Allen, P.C.) over 12 years ago

Ricky:  You appear to be a pretty good resource.  Thanks so much for the link to the HUD credit update letter.  Thanks for sharing.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 12 years ago