Did you know that 64 underwriting rules about to change for FHA buyers?

Education & Training with ApartmentToolKit.com

Did you know that the underwriting rules are about to change for FHA hombuyers?  

So, here's the dealio...

For over 40 years, FHA underwriting bible was called the 4155 handbook.  The new verison of the FHA bible (#4000.1) goes into effect on September 14, 2015.  

Why would you care about it now? 

Because if you are working with an FHA buyer who has been preapproved under the old rules, and they end up buying a home after September 14, they may no longer qualify for the loan.  

As of last week, there were 64 (yes, 64 of them) MAJOR underwriting rule changes.  An a ton of minor ones that may not have much effect at all.  

My advice!  

If your buyers have been pre-approved using the old rules, I suggest that you get in touch with your mortgage loan officer and ask them to RE-APPROVE your clients using the new rules.  

If your loan officer is not aware of all 64 underwriting changes, I recommend that they visit www.MortgageCurrentcy.com for a handy chart that compares the old rules to the new ones. 

Or, just find another loan officer who KNOWS how to pre-qual your clients using the new bible.  

Motto:  Getting a loan approved and closed these days IS ROCKET SCIENCE!  

Comments (6)

Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA

Loan officers have their hands full between FHA new rules and TIFF. 

Aug 04, 2015 02:08 AM
Karen Deis
ApartmentToolKit.com - Minneapolis, MN
When In-house training is not enough!

It will also be a huge learning curve for real estate agents too.  


Aug 04, 2015 03:08 AM
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Karen - It certainly is getting more and more complicated for home buyers to get approved these days. Thanks for sharing this information.

Aug 04, 2015 10:02 PM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

It was so much easier when all we had to know were the 28 and 36 percent income ratios. 

Aug 16, 2015 10:01 PM
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Karen Deis Thank you for the list of changes. I have bookmarked this for further study. Thanks again!

Aug 16, 2015 10:25 PM
Karen Deis
ApartmentToolKit.com - Minneapolis, MN
When In-house training is not enough!

I recommend that FHA buyers who have been "pre-qualified" go back to the lender and "re-qualify".  The changes are that significant!  

Aug 16, 2015 10:55 PM