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Health & Fitness

Getting an FHA loan just got harder

New requirements for Federal Housing Administration-appro​ved 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 

www.david-braun.com

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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 

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