There have been some siginifacant changes to FHA loans as of September 15th, 2015. FHA loans have often been viewed as a way for lower income households to achieve home ownership. FHA loans are overseen by the Department of Housing and Urban Developement which admisters any changes.
Here is a quick rundown of some changes
- Large Deposits-are defined as more than 1% of the adjusted value.
- Part-Time Income-two years of uninteerrupted part-time income will be required.
- Self-employed declining Income-you cannot use your income if it has had more than 20% decline except in extenuating circumstances.
- Freequent Employmet Changes-if you have changed jobs three times in the past 12 months additional explanation is required.
- Deferred Loans-loan payments must be calculated and included in debt-to-income ratios, regardless of status.
There are a number of other changes. To get a more detailed descprition please visit us here http://connect.homes.com/2015/09/significant-fha-loan-program-changes-took-effect-september-15th-2015/