FHA Condo Approval Specialist – HUD Rescinded New Credit Requirements
HUD’s Mortgagee Letter, ML 12-10 rescinded a previous update in the guidance provided by ML 12-3 which would require applicants to provide evidence that collections accounts are either paid off or are on payment plans.
I have updated a previous article that I wrote on what changes HAD been made by HUD back in April. The changes were slated to take effect on July 1, 2012.
This news is sure to make potential applicants, mortgage loan officers and Realtors very happy. These days, it is not often that credit guidance is loosened by HUD.
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