The South Coast Real Estate Round-Up

More Changes Coming to FHA

May 6th, 2015 4:06 AM by Christopher Terry

Good News and Bad News Day in Real Estate...

First the Good News!

NAR says national home prices are up 4.7%, this and US jobless claims are at a 15 year low. More people working and home prices on the rise so watch for increased mortgage rates! We have already seen rate rise and they will probably continue to rise. If you are thinking about buying a home it would be wise to do it sooner rather than later.

Now The Not So Good News!

If you are thinking about buying a home and using an FHA mortgage not only will waiting cost you more as rates and home prices rise but new changes to FHA guidelines may affect your mortgage loan qualifications!

HUD has scheduled changes to FHA guidelines to take affect September 14th. Some of those changes are:
  • Changes to documentation of earnest money
  • Changes to ability to include Part-Time income
  • Student Loans - This is a big one! Underwriters will NO LONGER be able to exclude student loans for FHA LOANS! Ouch!
  • Changes to Gift Funds sourcing
  • Rental Income Changes
  • Multiple FHA loans rule changes
Exciting Stuff Right! No...boring boring, boring! But these changes and more are coming! So IF you are Qualified to purchase a home today, why wait until tomorrow? Tomorrow may cost you more as rates and prices rise, but may cost you much more if a simple rule change changes if you qualify at all! 

Check out this video from TheREsource.tv for details.

Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.
Posted by Christopher Terry on May 6th, 2015 4:06 AM

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