FHA Collections Policy Changes Delayed

By
Real Estate Mortgage Broker with Movement Mortgage 770-634-4021 NMLS #206275

This spring there will be many changes affecting the FHA mortgage program.  As of April 9, 2012, the Upfront MIP will increase to 1.75% for loans with a 3.5% down payment; and 1.2% for loans with a 5% down payment.  The maximum loan amount is still determined by county statistics.  You can check for the limit for your county by going to the HUD website County Loan Amounts.HUD Logo

 

Good news for home buyers that have not made their purchase if they have a collection on their credit report.  There was to be a significant change in policy regarding outstanding collections including medical bills.  These changes will now go into effect in July.  If this applies to you, talk with your mortgage professional on how this will impact your ability to purchase a home using an FHA mortgage.

If you have any questions, please feel free to call me for your private consultation.

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Kathleen Sheehan

Sr. Mortgage Consultant

NMLS #206275
Georgia Residential Mortgage Licensee #25839

1725 Windward Concourse Parkway

Suite 320

Alpharetta, GA  30005

 

770.634.4021 cell

 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

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Toni Weidman
23 Years Selling Homes in New Port Richey, FL
Re/Max Sunset Realty

Kathy - thanks for the update and information regarding FHA. Seems like they can never bring it in on time though.

April 12, 2012 06:47 AM
Rainmaker
563,794
Kathy Sheehan
Movement Mortgage 770-634-4021

Toni, you are right, it does seem that these do hit delays on a regular basis.  The change in the collection policy is really going to prevent some for qualifying.

April 12, 2012 07:03 AM
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