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FHA Changes Coming In October
FHA has made some changes in regards to Collections and Disputed accounts. These changes are taking place on October 15, 2013 and will apply to any Case Numbers pulled on or after this date. In regards to COLLECTION accounts FHA will require that any collection with a $2000 balance or greater be
A.) Paid in full and source of funds required
B.) Evidence borrower has made payment arrangements and payment to be included in DTI or
C.) If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection and include in DTI. The collection accounts for non-purchasing spouse will be included in this guidance. Medical Collections and Charge off accounts are excluded from this guidance.
In regards to DISPUTED accounts with greater than or equal to $1000 balance excluding Medical loan is downgraded to a MANUAL UNDERWRITE and manual underwrite guidelines will apply. The non-purchasing spouse's disputed accounts will not be a factor.
If you are planning on purchasing a home anytime in the future it is inparative that you call me for pre-approval to make sure
1) you know what loan program you qualify for,
2)if you only qualify for FHA you might consider finding a house before Oct 15, 2013 so that you will not have to be subjected to these guidelines,
3) If you are subjected to these guidelines you need a mortgage professional to help you figure out if you have collections disputes that fall under these rules and how much you will be having to pay to clear up these collections. If you are unsure if you even have collections you need me to pull a credit report and discuss and analyze what is on there.
Scenario: You find the house of your dreams and you have not been pre-approved. So you speak to a lender for pre-approval, and they pull your credit and find out that you have some collections that meet this criteria. After they spend a couple of days verifying funds to payoff the collections that have to be paid off they provide you with a pre-approval letter to take to Russell Banki. He submits your offer only to find out that they had accepted an offer the day before to a buyer that had been pre-approved prior to looking for a home.
Do not get yourself into this situation. It is getting more difficult to qualify for a home.Pre-approval should be the first thing you do so that you are ready to make your offer as soon as you find the right home.
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