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.
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!