Back in 2015, FHA loans underwent a series of underwriting changes that significantly impacted buyers who didn’t yet have a case number or sales contract.
These changes began with case numbers assigned on or after Monday, Sept. 14, 2015, and affected FHA borrowers in the mortgage preapproval and mortgage prequalification stages.
Realtors® and buyers who were preparing to purchase a home with an FHA loan needed to revisit their loan approval terms, as many of the original preapprovals became outdated under the new guidelines.
Some of the notable changes included:
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Deferred student loans were required to be included in debt-to-income calculations
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Omitted car payments (for vehicles nearly paid off) could no longer be excluded
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Several other underwriting adjustments that affected the FHA loan amount for which borrowers could qualify
If you’re curious how these past updates shaped today’s FHA loan policies, or if you’re preparing for FHA loan pre-approval under the most recent rules — give us a call at 813-707-6200.
Our team at Florida Mortgage Firm is here to help.
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