FHA NEW GUIDELINES!
FHA Has NEW Guidelines Starting on September 19th!
As mortgage professionals, it’s our job to inform our clients and realtors of updated loan guidelines so the borrowers can make the best decision.
Major Changes:
-No more excluding student loans
-Non taxable income will only be grossed up 115%
-Authorized user accounts will be included in the DTI
-Rental income not claimed on the tax returns now requires 25% equity in the property
-Max age of all docs is 90 days
-Streamlines now require proof of occupancy with utility bills or employment documentation
Changes For The Better:
-Tax liens and judgements can remain open with a payment plan and 3 months payments
-The Short sale waiting period is reduced if the borrower has no mtg or installment lates in the 12 months prior to the sale and 12 months prior to application
-Balance sheets are no longer required for Schedule C borrowers
-Future income no longer requires a payment. You can close with an offer letter, provided that employment begins prior to closing
-Commission income now only requires a 1 year history with the same employer
-Appraisal max age is 240 days
To discuss these guidelines further, please contact us at 904-591-3662 or visit our website at MORTGAGESBYLINDA.COM