2012 June 13 « Jane's Mortgage Matters

July 1st – FHA Game Changer

July 1^{st –} FHA Game Changer

Despite a huge industry protest FHA will be implementing their new policy regarding collections on July 1, 2012. The FHA game changer means those potential borrowers with collection accounts of $1000.00 or greater must either pay off those collections or have a payment agreement in place for at least 3 months with the appropriate payments made on time

Unfortunately this comes at a time when the North Carolina market is really showing signs of recovery and starting to heat up. While prequalification has always been critical for success in the real estate and mortgage industry it has now become a huge priority that must be dealt with each and every purchaser trying to obtain a purchase mortgage.

To complicate the process is that many borrowers are completely unaware of collection accounts that are on their credit report especially if they are medical collections that they thought their medical insurance had covered. Frequently these accounts are simply reported as collections but no attempt is made to collect the money so the borrower is none the wiser.

You need to work with a mortgage professional that can get that prequalifying credit report quickly, interrupt it properly and give you accurate information. If you are looking to work with a professional who is always on the leading edge of underwriting and technology please contact me today. I am 100% truthful 100% of the time and will always make your objectives my highest priority. Don’t forget to visit my video blog http://realestatemarbles.com/janesmortgagematters/ and my Facebook Fan Page http://www.facebook.com/FreeHelp4RealtorsNC for tons of free apps, marketing ideas and cutting edge industry alerts.