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Recent FHA Guideline Changes and Highlights
Inlanta Mortgage, consistently has so many great posts and most importantly is terrific about sharing it to us Rainers and beyond. This article has new & exciting information for all the readers to take advantage from. I, myself will be anxious to learn from it! So many times I write blogs and really don't think that it gets the impact that it should. So I love to see re-blogs of popular posts. Thanks again for sharing.
In the summer of 2015 the Federal Housing Administration (FHA) made some changes to a wide range of its guidelines. The goal is to make sure prospective buyers are financially ready right now to buy a home and there is a reasonable chance that they can continue to afford the home. Listed below are the major highlights of the changes and a review of a few lesser known guidelines and how they can influence a loan approval.
Down Payment Gifts need more Documentation
FHA will still allow family and friends to provide gifts to buyers in order to cover the down payment. However, a letter from the donor is not going to be satisfactory.
Buyers need to get a bank statement from the donor showing ... more
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