Yep, that's the face I made too...
They have a plan in place to sell the loans immediately for servicing, etc. The FHA will have nothing to do with these loans, so they say.
I dunno, really? I understand that we need to get more people into homes. This program you must have a 660 FICO score. BUT, no reserves. No reserves? That's just stupid...in my humble opinion.
Someone with a 660, with only 3% down, and nothing left in the bank for a rainy day? Stupid I tell ya!