By the time some of you read this, is may have changed because this information is very timely so please do research for the most current information. As of April 6, 2009, there will be some changes to FHA loan guidelines. Sandy Jones, mortgage consultant of Wells Fargo was in our office BHG The Masiello Group yesturday (3/31/09) speaking about these changes.
- Buyers with credit scores between 580-600 obtaining an FHA loan will need a minimum of 600 score after 4/6/09 if they have not already applied for financing and gone under contract on a house by then.
This is huge, if you have an offer coming in after this date from a buyer with a credit score between 580-600, beware and ask for a current preapproval on that buyer. They may no longer qualify.
There are several other changes taking place on this day. For more information, speak to your local FHA mortgage broker. This could save your seller a lot of time, money, and hassle by preventing acceptance of an offer from a non-qualified buyer.