Dear Readers -
Karen Deis from Minneapolis, MN shares a warning for everyone in the real estate industry.
2015 is the year of BIG Mortgage changes. One is the new FHA Underwriting Handbook - #4000.1.
Karen's career path progressed from Closing Agent, to Loan Originator and then all the way to owning a Mortgage Company with her beloved sister, Becky. Her directed career path led her to become a Consultant - here on AR - where her slogan is "When IN-House Training Isn't Enough".
In this post, she cautions us to verify that the Lenders our Buyers chose know the 64 changes coming up --- a lot of differences to be sure. No one wants to lose a sale because a Lender wasn't prepared.
That's why - at Atlanta Homes ODAT Realty - we recommend several local and very competent Lenders for our Clients to use. All four stay on top of details and allow us to CLOSE ON TIME!
- Julie Beaty from Fidelity Mortgage - Rodney Mason with Prospect Mortgage
- Mark Moore with Shelter Mortgage - Rick Darlington with Brand Mortgage
Choose one of them.
Work with the best as you look for a wonderful new home in Buckhead Atlanta.
Have a happy day -Lynn
PS Just in case I haven’t thanked you personally, I really appreciate every time you stop by to read and/or comment on my posts. L.
Did you know that the underwriting rules are about to change for FHA hombuyers?
So, here's the dealio...
For over 40 years, FHA underwriting bible was called the 4155 handbook. The new verison of the FHA bible (#4000.1) goes into effect on September 14, 2015.
Why would you care about it now?
Because if you are working with an FHA buyer who has been preapproved under the old rules, and they end up buying a home after September 14, they may no longer qualify for the loan.
As of last week, there were 64 (yes, 64 of them) MAJOR underwriting rule changes. An a ton of minor ones that may not have much effect at all.
If your buyers have been pre-approved using the old rules, I suggest that you get in touch with your mortgage loan officer and ask them to RE-APPROVE your clients using the new rules.
If your loan officer is not aware of all 64 underwriting changes, I recommend that they visit www.MortgageCurrentcy.com for a handy chart that compares the old rules to the new ones.
Or, just find another loan officer who KNOWS how to pre-qual your clients using the new bible.
Motto: Getting a loan approved and closed these days IS ROCKET SCIENCE!
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