The Federal Housing Administration (FHA) recently announced the elimination of eligibility for loans to non-permanent residents in the US for loans directly supported by the agency. The A&D Market Digest discussed how these new FHA guidelines will affect the industry and how A&D Mortgage can help Partners find solutions for borrowers that find themselves out in the cold.
A&D Mortgage Business Development Specialist Serena Diaco sat down with Rich Hoffmann, Senior Vice President and National Sales Director in an enlightening interview. They covered the new FHA rules and their impact as well as how brokers can utilize a variety of other tools available at A&D Mortgage to find solutions. The pair also briefly discussed the acquisition of Mr. Cooper’s Correspondent and Conventional Loan division, formerly known as Flagstar.
Solutions for the New FHA Rules
Hoffmann pointed out that there is a great deal of ‘optionality’ out there for non-resident permanent residents affected. One example was Fannie Mae, if the borrower has a Social Security number or an ITIN number. Hoffmann also provided a host of other program options available from A&D Mortgage such as
- Prime and Super Non-QM;
- ITIN, which allows for gift funding;
- DSCR.
Diaco was quick to add that alternative income verification such as WVOE and Bank Statements are a significant help for borrowers without Social Security numbers or if they are foreign residents or investors. Both Hoffmann and Diaco agreed that many Non-QM programs would be very comparable to FHA loans. They are a useful alternative for brokers working with borrowers living in the US on one of over 40 different visas.
The exchange proved to be educational and useful and highlights A&D’s commitment to adapting to market conditions, providing tools and programs for its Partners, and ultimately assisting borrowers in realizing their dreams of homeownership.
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The A&D Market Digest is just one of the plethora of efforts to get important information out to brokers and borrowers to help them find solutions in the mortgage market. Of course, these programs are par for the course for the #1 Non-QM lender in the US and a Top 10 Wholesale mortgage lender according to Forbes.
