HUD came out with three major changes for FHA this week March 2012

This change will make a difference of $11.49 per month on an $100,000 sales price with 3.5% down, 30 year note.  

So call your current clients that are going FHA and get those contracts executed on or before March 30. 

Change #2-  Disputed Accounts Must be Paid if over Cumulative $1000- Major Change

If the borrower has individual or multiple disputed credit accounts or collections with singular or cumulative balances equal to or greater than $1,000, the accounts must be resolved (e.g. payment arrangements with a minimum three months of verified payments made as agreed) or paid in full, prior to, or at the time of closing.  The lender must obtain documentation supporting the payment arrangements or that the debt has been paid off.  The payments arranged for the accounts must be included in the calculation of the borrower

Disclaimer

This site is intended for clients that are not currently registered with a Broker. If you have a current Buyers Representation Agreement signed with another Texas real estate Broker, please contact your Agent or Broker. Texas Real Estate Commission Consumer Protection Notice