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FHA Making these changes is making financing more difficult but for good reason. Buyers need to know more than ever now they must get with a lender first to address these issues not jump into an agent's car and try and buy a house. If you would like to find out how to buy a home in the very hot Arizona market please call me at 623-640-5430
Well not sure if you have followed my other blogs lately see below - but I feel like I've done 8 rounds with Tyson when it comes to the FHA "cleaning up their act" policy changes this past 10 days. So here is another update broken down in an easily digestible format so when you talk to your lender you don't get frustrated, or shrug your shoulders and go huh, what was that you just said!
Handling of Disputed Accounts, Collection Accounts, and Public Records is now different!
Acceptable outstanding collections now allowed
In order for a loan to be issued going forward a borrowers credit must have
The total outstanding balance of all disputed credit accounts or collections (including medical accounts) are less than $1,000,and
Disputed credit accounts or collections must be aged two years from date of last activity as indicated on the most recent credit report.
Note: Paying down disputed accounts to the $1,000 threshold to meet FHA UW is not acceptable!
Disputed Accounts in Excess of $1,000
If the borrower has individual or multiple disputed credit accounts or collections (including medical accounts) with singular or cumulative balances equal to or greater than $1,000, the accounts must be:
resolved (e.g., payment arrangements with a minimum three months of verified payments made as agreed), or
paid in full, prior to, or at the time of closing.
The lender must obtain documentation supporting the payment arrangements or that the debt has been paid off. The payments arranged for the accounts must be included in the calculation of the borrower’s debt-to-income ratios.
Note: Paying down disputed accounts to the $1,000 threshold is not an acceptable remedy.
Disputed credit accounts or collections from identity theft, credit card theft, unauthorized use, etc., are excluded from the $1,000 limit under the terms shown below.
The mortgagee must provide in the case binder, a credit report or letter from the creditor, or other appropriate documentation, to support that the borrower filed an identity theft or police report to dispute the fraudulent charges.
Mortgagees must provide documentation in the case binder to show that all disputed or collection accounts are resolved, verified as not a debt to the borrower, arrangements made for payment, or paid in full.
Collection Accounts in Excess of $1,000
If the total outstanding balance of all collection accounts (including medical accounts) is equal to or greater than $1,000, the borrower must:
resolve the accounts (e.g., enter into payment arrangements with minimum three months verified payments - pay as agreed), or
pay in full at the time of, or prior to closing. Mortgagees must document the case binder showing each account was resolved or paid in full.
If the total outstanding balance of all collection accounts is less than $1,000, the borrower is not required to pay off the collection accounts as a condition of mortgage approval.
Note: Paying down collection accounts to the $1,000 threshold is not an acceptable remedy.
Judgments continue to be required to be paid off before the mortgage loan is eligible for FHA insurance.
An exception to the payoff of a court-ordered judgment may be made if the borrower has an agreement with the creditor to make regular and timely payments, and provides documentation indicating that a minimum of three months payments have been made according to the agreement. The monthly payment must be included in the borrower’s debt-to-income ratio.
TIP TO EVERYONE OUT THERE AS YOU KNOW REMEDYING CREDIT ACCOUNTS MAY WORSEN SCORES, THEREFORE MAKING MANY BORROWERS INELIGIBLE IF THEY SCROE DROPS BELOW FICO MINIMUMS. FHA SAYS THESE ACCOUNTS CAN BE PAID AT TIME OF CLOSE!!!!! SO IF THE CREDIT IS MARGINAL GET THE LOAN APPROVED GO TO THE CLOSING TABLE PAYOFF THE DEBTS THEN AND THERE AND MOVE INTO THE HOUSE WITHOUT ANOTHER DING TO THE ALREADY FRAGILE CREDIT - THIS MAY HELP A FEW PEOPLE OUT THERE!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.