FHA has changed their underwriting guidelines regarding collection accounts.  They instituted a new requirement earlier this year that made borrowers pay off collection accounts if the total of all collection accounts showing on a credit report was $1,000 or greater.

 
 
However, effective immediately, they have rescinded that requirement, meaning that collection accounts no longer have to be paid, regardless of how much they total.
 
It is important to note that just because FHA has changed their rules, it does not automatically mean that lenders have to follow those rules.  Lenders are allowed to have stricter rules than FHA when they sell FHA loans.  In other words, individual lenders may still require collection accounts to be paid before they will approve a loan.  Always check with your lender before assuming anything. 
 
 
Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!
 
 
Make sure you check out our web site:
 
www.mtgsupportservices.com
 
And check out all our great tips on our blog:
 
http://TheMortgageExperts.blogspot.com
 
 
By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.
 
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2 Comments on FHA Underwriting Changes

JUN
22
624,658 Points 11 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I read and even wrote a blog about this about a couple of months ago. I believe this will start on July 1,2012.
11:53am • #1
492,317 Points 10 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Good Afternoon Chris...Very important change that all of us as rea estate professionals need to know. Have a great weekend!
11:58am • #2


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