Major Changes to FHA Loans effective today!
FHA Announces Major Changes Effective April 2012 FHA recently announced changes to underwriting guidelines that are going to have a major effect on many home buyers.
These changes are effective with FHA loan applications on or after April 1st, 2012:
•Borrowers with individual or multiple disputed credit accounts or collections with singular or cumulative balances equal to or above $1,000 must resolve the accounts prior to closing (pay in full or set up a payment plan with 3 payments made prior to closing).
•If more than 3 months has passed since the most recent tax return was filed for a self-employed borrower, a year to date profit and loss statement is required to verify the borrowers income
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