Big changes for FHA. FHA is tightening the noose on our first-time borrowers. As of April 1, not only is HUD increasing MI (mortgage insurance), they are capping collections at $1000. This will be a deal breaker for many of our buyers. Right now, the policy at Prime has been to allow collections if DU (automated underwriting) will accept them. We have gotten loans approved with $10,000 and even $20,000 in open collections. So this is a radical departure. If you have a borrower with an FHA approval, we would be happy to review it. If there are large collections, and we can get an FHA case number before April 1, your buyer can follow the current guidelines. The cutoff for a ratified contract would be approximately April 20th to guarantee a case number and fall under the old guidelines. As always we are here to be of service you and your buyers. Don’t hesitate to call us if you have any questions.Jean and James 919 334-9030
jhedges@primelending.com
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