The FHA recently announced changes to its guidelines that will make it easier for home buyers to qualify for their home loans. These changes are effective for FHA case numbers assigned on or after April 21, 2014.
Previously, lenders were afraid to approve "make-sense" loans because the FHA guidelines were not clear in calculating the buyer's maximum allowable debt. Now, the FHA has clarified these limits, which should give lenders the confidence they need to approve more loans.
What does this mean for home buyers?
With this update, FHA has made it easier for more buyers to qualify for an FHA loan, meaning sellers have an expanded pool of buyers. This is great news, as FHA remains the most flexible and affordable loan program for buyers with less than a 5 percent down payment.
If you have any questions regarding these changes or would like to discuss how I can help one of your home buyers qualify for a home loan, please feel free to call or email me.
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