FHA Collections Policy Changes Delayed

By
Mortgage and Lending with First Guaranty Mortgage Corporation 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.

If you would like to keep up with changes, please subscribe to my blog by clicking the button to the right.

Posted by

 

If you found this blog valuable, please subscribe by clicking the button to the right.  If you are ready to talk about a mortgage, please click HERE to apply now.

 

Signature 

 

 

 

 

Kathleen Sheehan
Senior Loan Officer

 

Retail

First Guaranty Mortgage Corporation®
280 Heritage Walk Suite B

Woodstock, GA 30188

NMLS #206275
770-634-4021  Cell

855-496-6722 Fax
Kathleen.sheehan@fgmc.com
fgmc.com

 

Company NMLS ID 2917

 

 

What to learn more, Google Me!

 

 

  

 

 

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.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
Addicted to Active Rain
Mortgages
REALTOR LIFE
WeBlog Anything (almost)!
"Whacked"!!!
Tags:
fha
fha mortgage
collections

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
1,389,256
Toni Weidman
Re/Max Sunset Realty - Trinity, FL
23 Years Selling Homes in New Port Richey, FL

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

Apr 12, 2012 06:47 AM #1
Rainmaker
566,428
Kathy Sheehan
First Guaranty Mortgage Corporation 770-634-4021 - Atlanta, GA
Senior Loan Officer

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.

Apr 12, 2012 07:03 AM #2
Post a Comment
Spam prevention
Show All Comments
Rainmaker
566,428

Kathy Sheehan

Senior Loan Officer
How can I help you today?
*
*
*
*
Spam prevention