Health & Fitness
Getting an FHA loan just got harder
New requirements for Federal Housing Administration-approved mortgages took effect last week, presenting potential roadblocks for homebuyers with collections or judgments in their credit histories.
While lenders have recently been able to take significant economic events into account in processing loan applications, the changes are a step in the opposite direction for loan accessibility. The Department of Housing and Urban Development issued mortgage letters Aug. 15 instructing lenders to add collections accounts and judgments to an applicant’s debt-to-income ratio, one of the qualifying
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standards for an FHA loan. Loans made on and after Oct. 15
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David Braun Jr.
Mortgage Sales Manager - NMLS# 303007
Cell: 630-687-5800
Office: 630-560-4980
dbraun@integramtg.com / www.david-braun.com
17W220 22nd Street, Suite 330 - Oakbrook Terrace, Illinois 60181