FHA Underwriting Changes

By
Mortgage and Lending with The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. NMLS #241555

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However, effective immediately, they have rescinded that requirement, meaning that collection accounts no longer have to be paid, regardless of how much they total.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:
 
 
And check out all our great tips on our blog:
 
 
 
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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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. C. Lloyd McKenzie 06/22/2012 04:56 AM
Topic:
Real Estate Best Practices
Location:
Colorado
Groups:
Active Rain Newbies
Realtors®
Colorado Real Estate
Colorado Realty Bloggers
Tags:
mortgage tips
fha collection accounts

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Rainmaker
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Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

I read and even wrote a blog about this about a couple of months ago. I believe this will start on July 1,2012.

Jun 22, 2012 04:53 AM #1
Rainmaker
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C. Lloyd McKenzie
Albuquerque, NM
Living Albuquerque

Good Afternoon Chris...Very important change that all of us as rea estate professionals need to know. Have a great weekend!

Jun 22, 2012 04:58 AM #2
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Rainmaker
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Chris Thomas

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