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Today we’re going to talk about some recent changes that took place regarding FHA financing. If you are in the process of buying a home, or want to buy a home, you need to be aware of the changes to FHA financing that took effect on September 14, 2015. 

The FHA has taken the time to totally restructure their entire guidelines into a new handbook called “The 4000.1” which went into effect on September 14. Now, any new case numbers assigned with FHA must follow these new rules.

Here are a few things you should be aware of:

In the past, deferred student loan payments would not count against your debt-to-income ratio. They will now be included in your debt. The same goes with 30-day accounts and charged cards. In the past, if they were paid off, they didn’t have to be included either. They now must be included unless you prove that you paid off the balance for 12 consecutive months.


The deposit on the contract used to not have to be sourced if it was less than 2% of the purchase price, they have cut that in half and now the requirement is 1%. 

If we have a buyer that has declining income or has changed jobs more than 3 times, there are some additional hurdles they will have to hurdle as well.

Thanks for joining us today. We are always happy to bring you the best and latest mortgage news. If you have any questions for us, just give us a call or send us an email. We can’t wait to hear from you!