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Big Changes In FHA! Or Not…

FHA made a large number of changes in underwriting guidelines recently and Realtors are asking how this will affect buyers. For about 99% of our FHA buyers, the changes will have no effect.

Some of the changes include:
• Deferred loan student loan payments must now be counted in ratios.
• For newly rented properties or those not yet reflected on 1040’s, we can only use 75% of the rental income instead of 85%.
• We cannot use rental income from departing residence unless the new property is over 100 miles away.
• Some credit standards have tightened up.

Most changes are minor or very specific, and affect very few borrowers. Most people need not be concerned.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646