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As part of the new FHA condo rules, reverse mortgage lenders can use the HUD Review and Approval Process (HRAP) or the direct endorsement lender review and Approval Process. If the project was.
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Although there is no minimum credit score, applicants with a 640 credit score or higher receive streamlined credit reviews. Properties eligible. The guarantee enables the lender to offer more.
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It’s sensible to speak to a specialist early on in the process and obtain an agreement in principle (AIP) from the lender you.
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