We are pleased to announce the addition of a new program at Blue Water Home Loans to service borrower's with sub 640 FICOs. This is an FHA loan and will be underwritten according to FHA guidelines posted in the 4155 with certain lender overlays. The overlays are significant so you should have the borrower contact us directly to determine borrower eligibility. These loans will be underwritten by our underwriters but will require a 2nd sign-off by the investing underwriter. Expect turn times to be an additional 2-3 days. Pricing for this program will differ from a typical FHA loan because of the additional risk. However, it is GREAT news that we are seeing credit scores move in the opposite direction! Hopefully, this will allow you to close more deals! As always, our staff is available if you have any questions or concerns! We look forward to closing more deals with you soon!
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