NEW FHA MORTGAGE RULES TAKE EFFECT
New Federal Housing Administration (FHA) rules will effect many first-time homebuyers as well as many current homeowners.
One rule, which took effect yesterday, disqualifies first-time homebuyers with more than $1,000 in medical or other collections from getting an FHA-backed loan. To qualify for the loan, the buyer must pay off the debt or show that three months of payments have been made.
Meanwhile, all homeowners who have FHA loans will have to pay more in mortgage insurance starting next Monday.
What does this mean for someone that is interested in buying a home? They need a great loan officer that can help them understand how this affects their ability to buy a home. If you are thinking of buying a home, contact me (Robert M. Bragg) at 832.256.8589. I'll help connect you with our lender, and together as a team, we can establish a plan to help you move past any challenges.
