FHA Collections Policy Changes Delayed

By
Mortgage and Lending 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.

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

Branch Manager

Movement Mortgage, LLC

NMLS # 206275

Georgia Residential Mortgage Licensee #25839

157 Reinhardt College Parkway

Canton, GA 30114

770.634.4021 cell

 

What to learn more, Google Me!

 

 

  

 

Women's Council of Realtors Secretary

 

 

 

 

 

 

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:
"Whacked"!!!
WeBlog Anything (almost)!
REALTOR LIFE
Mortgages
Addicted to Active Rain
Tags:
collections
fha mortgage
fha

Anonymous
Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
1,304,787
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
565,601
Kathy Sheehan
Movement Mortgage 770-634-4021 - Atlanta, GA
Branch Manager

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
Anonymous
Post a Comment
Spam prevention
Show All Comments
Rainmaker
565,601

Kathy Sheehan

Branch Manager
How can I help you today?
*
*
*
Spam prevention