Fha has electronic underwriting as well as the old fashioned "traditional underwriting" called , desktop underwriting. Because of this, there is a better opportunity that you could be approved for this program. The details are not set in stone, yet, so, FHA may have softer guidlines for this program. You have to figure... FHA understand that a large part of the public with upside down mortgages and sub-prime mortgages do have credit issues at this time. Hopefully, they will adjust to this fact. I will keep you posted.
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Best Regards,
Steve
