FHA loans with case numbers assigned on Monday, Sept. 14 or afterward will be subject to major underwriting changes. This will apply to FHA borrowers who don’t have a sales contract on a home or don’t have a case number yet.
So if you’re considering a home purchase and were preapproved/prequalified for an FHA loan, or if you are a Realtor® who is working with a prequalified/preapproved FHA buyer, then you will want to revisit the approval since there is a plethora of guideline changes that can affect the approval itself, including the amount.
For example, deferred student loans will have a major impact, as well as omitting car payments for vehicles nearly paid off. There are much more — too many to list here.
Feel free to call our office to discuss these new changes: 813-707-6200.