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FHA Credit Policy Changes- What I did on my Easter Weekend!

Hello,

I hope you good Friday is off to a wonderful start. Things have been a little chaotic this week as business is booming but we have seen constant changes with lenders guidelines and I just wanted to share items that we as lenders are required to deal with on a daily basis. As rates improve the rules are getting more and more against the borrower. Sometimes I think there’s more people involved in making the new rules and changes then actually closing the loans.

I wish you all a wonderful Easter weekend and make sure to cherish those loved ones around you- Looks like I have some reading to do this weekend to try to keep up with this week’s changes but I am taking Sunday as a FULL day of rest and family day.

Here was an email I received from one of my lenders today-

Several revisions have been made to the FHA Credit Policy Manual this week. Please be certain to review the following sections for changes:

  • Section 100.02 - Co-Borrower / Co-Signer
  • Section 100.05 - Power of Attorney
  • Section 203.00 - Maximum Mortgage / Cash Investment Requirements
  • Section 204.04 - Additions to the Mortgage Amount
  • Section 205.05 - Maximum Mortgage Amount and Minimum Cash Investment
  • Section 206.00 - Energy Efficient Mortgages
  • Section 208.05 - Second / Subsequent Purchase
  • Section 208.06 - Property Flipping
  • Section 208.08 - Good Neighbor Next Door
  • Section 209.00 - No Cash Out Refinances
  • Section 210.00 - Cash Out Regular Refinance
  • Section 210.01 - Limits on Cash Out Refinances
  • Section 211.00 - Streamline Refinances
  • Section 211.12 - Net Tangible Benefit Policy
  • Section 213.05 - Borrowers 60 Years of Age or Older
  • Section 213.06 - Family Member Lending
  • Section 303.01 - Credit Reports on Non-Borrowing Spouses
  • Section 305.20 - Judgments
  • Section 305.30 - Installment Accounts
  • Section 403.17 - Mortgage Credit Certificates
  • Section 403.25 - Rental Income
  • Section 403.32 - Social Security - Surviving spouse and child or Payments to Family Members
  • Section 503.05 - Cash Accumulated with Private Savings Club
  • Section 503.12 - Employer Assistance Plans
  • Section 503.13 - Employer's Guarantee Plans
  • Section 503.17 - Gifts
  • Section 601.08 - Rural Property / Excess Land
  • Section 601.10 - Manufactured Homes with Stick Built Additions
  • Section 604.01 - Appraisal Description, Analysis and Adjustments
  • Section 605.03 - Septic Systems
  • Section 606.03 - Individual Springs / Cisterns as a Water Source

Please direct questions to TB&W Management, Account Executive, or Client Services. Thank you.

Bill Black- CMP
Branch Manager/Mortgage Planner
America One Finance- Downtown
360-910-3290
Fax: 360-326-1861

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Posted Sunday Apr 12