MAJOR changes to FHA Loan Guidelines
MAJOR changes to FHA Loan Guidelines
Another change in the lending industry. How will this affect you?
If you or a family member are in the process of trying to buy a home, then you should know that new changes to FHA Loan Guidelines may drastically affect the ability of new home buyers to qualify for a home loan. These changes go into effect on September 14, 2015 and may likely lower the loan amount that you qualify for on an FHA loan. In fact, according to FHA Industry Experts, HUD didn’t just make minor adjustments to the FHA Handbook, they scrapped the entire existing FHA Guidelines and started over.
If you need a referral to a mortgage lender who is experienced and knowledgeable with the new FHA Loan Guidelines, please contact me. Let’s see if you can become a homeowner in 2015!
Here is a quick article that explains some of the changes … FHA Loan Guidelines changes for 2015.
There are still several condominium and townhome complexes which are FHA Approved. Or you can speak with your FHA approved lender to find out which ones are eligible.