| Remember a couple of months ago when I told you that FHA changed their guidelines on collection accounts? …namely that if your aggregate collections exceed $1,000 you had to pay off all your collections? Then FHA decided to put off this change until July 1st 2012. Now they are doing away with this change all together. …This news came out yesterday. It’s good news. This collection policy would have significantly limited the pool of borrowers that would qualify for an FHA loan. It would have hurt the housing market, and the economy. So, FHA is basically reverting back to the guidelines that existed prior to their initial change announcement. If you have some older collections and want to buy a house – it may well be doable! Give me a call or shoot me an email and let me take a look at your situation. Have a good day today! …and thanks for reading. To sign up for my weekly mortgage quick tips – CLICK HERE. |