At first the lender estimates your ability to repay the loan using your credit score. (personalmoneyservice.com)
In effect, the FHA program asks first lenders to give up 10 percent of the principal balance for performing loans and in some cases asks nothing of second — and more risky — second loans. (fhaloanpros.com)
Lenders had been hearing bits and pieces of welcome news over the past months of possible condominium approval changes and changes to come for non-borrowing spouses so when it was announced that HUD was issuing a major Mortgagee Letter with changes to the program, at first lenders and borrowers alike were excited. (reverse.mortgage)