{"id":2288,"date":"2015-09-18T19:10:50","date_gmt":"2015-09-18T19:10:50","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=2288"},"modified":"2020-07-13T22:34:20","modified_gmt":"2020-07-13T22:34:20","slug":"fha-changes-guidelines-2","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/","title":{"rendered":"FHA Has Changed A Lot of Guidelines effective 9\/14\/15 That Can Hurt or Help Buyers"},"content":{"rendered":"
\"New
New FHA guidelines effective 9\/14\/15<\/figcaption><\/figure>\n

Below are the FHA<\/strong><\/span><\/a> guideline changes effective for FHA case file numbers assigned on or after September 14, 2015.<\/h1>\n

Below are the topics and the new guideline language which replaces the prior rules often because the prior rules were not specific enough.<\/p>\n

Assets:\u00a0 This section applies to anything pertaining to documenting assets on an FHA<\/span><\/a> loan<\/strong><\/h2>\n

Gift funds – documenting transfer:<\/strong><\/span><\/h3>\n

Requires donor\u2019s bank statement, showing withdrawal of funds.<\/p>\n

Earnest Money:<\/strong><\/span><\/h3>\n

Document source of funds if amount exceeds 1% of\u00a0sales price, or appears excessive based on\u00a0borrower\u2019s savings history.<\/p>\n

Large Deposit Definition:<\/strong><\/span><\/h3>\n

For recently opened accounts and recent individual\u00a0deposits of more than 1 percent of the Adjusted\u00a0Value (lesser of purchase price minus inducements\u00a0or the appraised value), the mortgagee must obtain documentation of the \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 deposits. The mortgagee\u00a0must also verify that no debts were incurred to\u00a0obtain part, or all, of the minimum required investment.<\/p>\n

Joint Funds Access:<\/strong><\/span><\/h3>\n

Manual underwriting and TOTAL Scorecard: If the Borrower does not hold the deposit account solely, all non-Borrower parties on the account must provide a written statement that the Borrower has full access and use of the funds.<\/p>\n

Retirement Accounts:<\/strong><\/span><\/h3>\n

*Most recent monthly or quarterly account\u00a0statement.
\n*Use 60% and deduct existing loans unless\u00a0there is \u201cconclusive\u201d evidence that a \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 higher\u00a0percentage may be withdrawn.
\n*Evidence of liquidation is required if any\u00a0portion is required for funds to close.<\/p>\n

Interested Party Credits\/Costs Paid Outside Closing\/Minimum Required Investment:<\/strong><\/span><\/h3>\n

On the HUD 1 settlement statement, the lender may apply interested party credits to the closing costs\u00a0and prepaid items, including any items paid outside closing (POC). The refund of the borrower\u2019s POCs may be used toward the borrower\u2019s minimum required investment (MRI) if the lender documents\u00a0that the POCs were paid with the borrower\u2019s own funds.<\/p>\n

Real Estate Tax Credits\/Minimum Required Investment:<\/strong><\/span><\/h3>\n

Where real estate taxes are paid in arrears, the seller\u2019s real estate tax credit may be used to meet the MRI if the
\nMortgagee documents that the Borrower had sufficient assets to meet the MRI and the Borrower paid closing
\ncosts at the time of underwriting. This permits the Borrower to bring a portion of their MRI to the closing
\nand combine that portion with the real estate tax credit for their total MRI.<\/p>\n

Credit – This section pertains to documenting credit on a FHA loan<\/strong><\/h3>\n

Satisfactory Credit:<\/strong><\/span><\/h2>\n

A lender may approve a borrower if:<\/p>\n

    \n
  • Acceptable payment history and<\/li>\n
  • No major derogatory credit on revolving\u00a0accounts in the last 12 months.<\/li>\n<\/ul>\n

    \u201cAcceptable payment history\u201d means:<\/p>\n

      \n
    • The borrower made all housing and\u00a0installment debt payments on time for the\u00a0previous 12 months, and<\/li>\n
    • There are no more than two 30-day late\u00a0mortgage or installment payments in the last\u00a024 months.<\/li>\n<\/ul>\n

      \u201cMajor derogatory credit\u201d means:<\/p>\n

        \n
      • Payments made more than 90 days after the\u00a0due date, or<\/li>\n
      • 3 or more payments made more than 60 \u00a0days after the due date.<\/li>\n<\/ul>\n

        Derogatory Event – Wait Period Definition:<\/strong><\/span><\/h3>\n

        Defines as \u2018from event date to the new loan case number order date\u2019.<\/p>\n

        Non-Traditional Mortgage Credit Report (NTMCR):<\/strong><\/span><\/h3>\n

        NTMCR is not required. For borrowers without a credit score, either:<\/p>\n

          \n
        • Obtain an NTMCR, or<\/li>\n
        • Develop a credit history using alternative
          \nreferences subject to documentation and
          \nverification guidelines, including:<\/p>\n
            \n
          • Review of public records to verify\u00a0the provider\u2019s existence<\/li>\n
          • Verification of credit information\u00a0using published addresses and\u00a0telephone numbers, and<\/li>\n
          • Retention of the most recent 12 months of canceled checks or\u00a0equivalent proof of payment.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

            Medical Collections:<\/strong><\/span><\/h3>\n

            Specifically designated as obligation; not considered debt and can be disregarded.<\/p>\n

            Charge-Offs:<\/strong><\/span><\/h3>\n
              \n
            • Defined as loans or debts written off by the creditor.<\/li>\n
            • The lender must:\n
                \n
              • Determine why they exist,<\/li>\n
              • Document reasons for approving the loan and,<\/li>\n
              • Obtain a letter of explanation from the borrower and supporting documentation.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                Documents\/Processing<\/strong><\/h2>\n

                Age of Documents:<\/strong><\/span><\/h3>\n

                Existing and new construction: 120 days<\/p>\n

                Handling of Documents:<\/strong><\/span><\/h3>\n

                Documents can\u2019t be transmitted from or though equipment of interested third parties or unknown parties.<\/p>\n

                Application Signatures:<\/strong><\/span><\/h3>\n

                All borrowers must sign both the initial and final 1003.<\/p>\n

                Borrower’s Authorization Form:<\/strong><\/span><\/h3>\n

                Must Obtain.<\/p>\n

                Disclosures:<\/strong><\/span><\/h3>\n

                Single list of required disclosures.<\/p>\n

                CAIVRS:<\/strong><\/span><\/h3>\n

                VERIFIED delinquent federal debt makes the borrower ineligible.<\/p>\n

                Federal Tax Liens:<\/strong><\/span><\/h3>\n

                Tax liens may remain unpaid if the borrower has entered into a valid repayment agreement and has made at least 3 months of timely payments. Payments may not be prepaid.<\/p>\n

                Excluded Parties List:<\/strong><\/span><\/h3>\n

                Check all parties to the transaction including processor, underwriter, appraiser and 203(k) consultant.<\/p>\n

                Reverification of Employment:<\/strong><\/span><\/h3>\n

                Required within 10 days of loan note date.<\/p>\n

                Fees<\/strong><\/h2>\n

                Tax Service Fee:<\/strong><\/span><\/h3>\n

                Not mentioned.<\/p>\n

                Prepaids:<\/span><\/strong><\/h3>\n

                Prepaid items include flood and hazard insurance premiums, MIPs, real estate taxes and per diem interest. There is no longer a 15-day interest requirement when estimating GFE.<\/p>\n

                Per Diem Interest and Interest credits:<\/span><\/strong><\/h3>\n

                Per Diem Interest \u2013 May collect from disbursement date to the date amortization begins.
                \nInterest Credit \u2013 Lender may begin amortization up\u00a0to 7 days prior to the disbursement date and provide an interest credit. Per diem interest credit may not be used to meet the borrower\u2019s MRI.
                \nCalculation \u2013 Per diem must be computed using 1\/365th of annual rate<\/p>\n

                Glossary Definitions<\/strong><\/h2>\n

                Family Member:<\/span><\/strong><\/h3>\n

                Family Member is defined as follows, regardless of actual or perceived sexual orientation, gender identity, or legal marital status:<\/p>\n

                  \n
                • Child, parent, or grandparent
                  \n\u2022 A child is defined as a son, stepson, daughter, or
                  \nstepdaughter
                  \n\u2022 A parent or grandparent includes a stepparent\/
                  \ngrandparent or a foster parent\/ grandparent<\/li>\n
                • Spouse or domestic partner<\/li>\n
                • Legally adopted son or daughter, including a child
                  \nwho is placed with the borrower by an authorized
                  \nagency for legal adoption<\/li>\n
                • Foster child<\/li>\n
                • Brother, stepbrother<\/li>\n
                • Sister, stepsister<\/li>\n
                • Uncle<\/li>\n
                • Aunt<\/li>\n
                • Son-in-law, daughter-in-law, father-in-law, mother-
                  \nin-law, brother-in-law, or sister-in-law of the Borrower.<\/li>\n<\/ul>\n

                  Income\/Employment<\/strong><\/h2>\n

                  Part Time Employment Income:<\/span><\/strong><\/h3>\n

                  Two years of uninterrupted part-time income is required.<\/p>\n

                    \n
                  • Average the income over the prior 2 years or<\/li>\n
                  • Use a 12-month average of hours at the current
                    \npay rate if the lender documents an increase in
                    \npay rate.<\/li>\n<\/ul>\n

                    Self-Employed-Declining Income:<\/span><\/strong><\/h3>\n

                    Income from a business with a greater than 20% decline in income over the analysis period\u00a0is not acceptable.
                    \n\u2022 If using an AUS, the lender must downgrade to manual underwriting.<\/p>\n

                    If there has been a 20% or greater decline, the income is still deemed stable if:
                    \n\u2022 The reduction was the result of documented extenuating circumstances,
                    \n\u2022 The income has been stable or increasing for at least 12 months, and
                    \n\u2022 The borrower qualifies using the reduced income.<\/p>\n

                    Frequent Job Changes:<\/span><\/strong><\/h3>\n

                    If the borrower has changed jobs more than 3 times in the prior 12 months or has changed lines of work, the lender must obtain:<\/p>\n

                      \n
                    • Transcripts of training and education\u00a0demonstrating qualification for the new\u00a0position, or,<\/li>\n
                    • Employment documentation evidencing\u00a0continual increases in income and\/or benefits<\/li>\n<\/ul>\n

                      Hourly Earnings Calculations:<\/span><\/strong><\/h3>\n
                        \n
                      • If the hours do not vary, use the hourly rate.<\/li>\n
                      • If the hours vary, use a two-year average.<\/li>\n
                      • If the hours vary and there is a documented
                        \nincrease in pay rate, use a 12-month average
                        \nof hours at the current pay rate<\/li>\n<\/ul>\n

                        Overtime and bonus Income Calculations:<\/span><\/strong><\/h3>\n
                          \n
                        • General Rule \u2013 Overtime or bonus income must\u00a0have been received for the past 2 years.<\/li>\n
                        • Exception \u2013 Periods between 1 and 2 years may\u00a0be acceptable if consistently earned for at least 1\u00a0year and likely to continue.<\/li>\n
                        • How to calculate the income:<\/li>\n
                        • Average over 2 years.<\/li>\n
                        • If the income from the current year decreases by
                          \n20% or more from the prior year, use the current
                          \nyear\u2019s income.<\/li>\n<\/ul>\n

                          Commission Income:<\/span><\/strong><\/h3>\n
                            \n
                          • Earned for at least 1 year in same or similar line\u00a0of work and likely to continue.<\/li>\n
                          • Calculate by subtracting unreimbursed business expenses from the lesser of:
                            \n\u2022 The average net commission earned over the\u00a0past 2 years (or however long it\u2019s been\u00a0earned) and
                            \n\u2022 The average income earned over the prior 1 year.<\/li>\n<\/ul>\n

                            Voluntary Alimony or Child Support Payments:<\/span><\/strong><\/h3>\n

                            Allowed if using a voluntary payment agreement, the lender:<\/p>\n

                              \n
                            • Obtains 12 months canceled checks, deposit\u00a0slips, or tax returns,<\/span><\/li>\n
                            • If there is evidence of receipt for the most\u00a0recent 6 months, may use the current payment\u00a0to calculate income;<\/li>\n
                            • If there are not 6 months of consistent\u00a0payments, may average the income received\u00a0over the prior 2 years, or less if the income has\u00a0not been received that long.<\/li>\n<\/ul>\n

                              Rental Income on Retained Primary Residence:<\/span><\/strong><\/h3>\n
                                \n
                              • Rental income may be counted when\u00a0relocating and new residence is located at\u00a0least 100 miles from previous residence.<\/li>\n
                              • If no history of rental income since the last tax\u00a0filing, borrower must have 25% equity.<\/li>\n<\/ul>\n

                                Non-Taxable Income:<\/span><\/strong><\/h3>\n

                                Gross up using greater of 15% or actual tax rate. If borrower did not file a return, use tax rate of 15%.<\/p>\n

                                Pension Income Calculation:<\/span><\/strong><\/h3>\n
                                  \n
                                • Use current amount, if consistent.<\/li>\n
                                • Fluctuating amounts require use of 2-year (or\u00a0time of receipt, if less) average<\/li>\n<\/ul>\n

                                  401 K Income Calculation:<\/span><\/strong><\/h3>\n
                                    \n
                                  • Use current amount if consistent.<\/li>\n
                                  • Fluctuating amounts require use of 2-year (or\u00a0time of receipt, if less) average<\/li>\n<\/ul>\n

                                    Gaps In Employment:<\/span><\/strong><\/h3>\n

                                    Manual underwriting and TOTAL Scorecard: Gaps of less than 6 months require no explanation.<\/p>\n

                                    Temporary Income Reduction:<\/span><\/strong><\/h3>\n

                                    For borrowers with a temporary reduction of income due to a short-term disability or similar\u00a0temporary leave, lenders may consider the Borrower\u2019s current income as effective Income, if it\u00a0can verify and document that:<\/p>\n

                                      \n
                                    • The Borrower intends to return to work;<\/li>\n
                                    • The Borrower has the right to return to work;<\/li>\n
                                    • The Borrower qualifies for the mortgage,taking into account any reduction of income\u00a0due to the circumstance.<\/li>\n<\/ul>\n

                                      For Borrowers returning to work before, or at the time of, the first Mortgage Payment due date, the\u00a0mortgagee may use the Borrower\u2019s pre-leave income.
                                      \nFor Borrowers returning to work after the first Mortgage Payment due date, the mortgagee may use\u00a0the Borrower\u2019s current income plus available surplus liquid asset Reserves, above and beyond any required\u00a0Reserves, as an income supplement up to the amount of the Borrower\u2019s pre-leave income. The amount of\u00a0the monthly income supplement is the total amount of surplus Reserves divided by the number of months\u00a0between the first payment due date and the
                                      \nBorrower\u2019s intended date of return to work.<\/p>\n

                                      Insurance<\/strong><\/h2>\n

                                      Flood Insurance:<\/strong><\/span><\/h3>\n

                                      Amount at least equal to the lesser of either:<\/p>\n

                                        \n
                                      • The outstanding balance of the mortgage,\u00a0less estimated land costs or<\/li>\n
                                      • The maximum amount of the NFIP\u00a0insurance available with response to the\u00a0property improvements<\/li>\n<\/ul>\n

                                        Liabilities<\/h2>\n

                                        Deferred Loans:<\/strong><\/span><\/h3>\n

                                        All deferred obligations (including loans in forbearance), regardless of when they will commence,\u00a0must be included in the qualifying ratios. The lender must obtain evidence of:<\/p>\n

                                          \n
                                        • The deferral<\/li>\n
                                        • The outstanding balance<\/li>\n
                                        • The terms of liability and<\/li>\n
                                        • The anticipated monthly payment.<\/li>\n<\/ul>\n

                                          For installment debt, the lender must use<\/p>\n

                                            \n
                                          • The actual monthly payment, or<\/li>\n
                                          • If the actual payment is unknown,
                                            \n\u2022 The terms of the debt or
                                            \n\u2022 5% of the outstanding balance.<\/li>\n<\/ul>\n

                                            For student loan, the lender must use<\/p>\n

                                              \n
                                            • The actual monthly payment, or<\/li>\n
                                            • If the actual monthly payment is zero, or is not available, use 2% of the outstanding balance.<\/li>\n<\/ul>\n

                                              Installment Debt < 10 months payments:<\/span><\/strong><\/h3>\n

                                              TOTAL Scorecard and Manual UW: May be excluded from ratios only if:<\/p>\n

                                                \n
                                              • They have remaining cumulative payments of\u00a0less than, or equal to, 5% of the borrower\u2019s\u00a0gross monthly income and<\/li>\n
                                              • The borrower may not pay the debts down to\u00a0achieve this percentage.<\/li>\n<\/ul>\n

                                                Alimony and Child Support:<\/span><\/strong><\/h3>\n
                                                  \n
                                                • May be treated either as reduction from gross\u00a0income or as a monthly obligation.<\/li>\n
                                                • Obtain pay stubs covering at least 28\u00a0consecutive days to verify whether the\u00a0borrower is subject to any order of
                                                  \ngarnishment.<\/li>\n
                                                • Calculate the monthly obligation from the\u00a0greater of:
                                                  \n\u2022 The amount shown on the most recent\u00a0decree or agreement establishing the\u00a0obligation or
                                                  \n\u2022 The monthly amount of the garnishment.<\/li>\n<\/ul>\n

                                                  Revolving Accounts\/Monthly payment Calculations:<\/span><\/strong><\/h3>\n
                                                    \n
                                                  • 5% of the outstanding balance or<\/li>\n
                                                  • Payment shown on credit report or\u00a0statement.<\/li>\n<\/ul>\n

                                                    30-Day Account (Accounts requiring payment in full each month):<\/span><\/strong><\/h3>\n
                                                      \n
                                                    • Not included in ratios if borrower has paid in\u00a0full every month for past 12 months.<\/li>\n
                                                    • If there were late payments in the last 12\u00a0months, include 5% of the balance in the\u00a0ratios.<\/li>\n
                                                    • Lender must document sufficient funds to\u00a0pay off the balance and close the loan.<\/li>\n<\/ul>\n

                                                      Authorized User Accounts:<\/span><\/strong><\/h3>\n

                                                      If the primary account holder has made all required payments on the account for the previous 12 months,\u00a0debt does not have to be included in borrower\u2019s ratios. If less than 3 payments have been required\u00a0on the account in the previous 12 months, the payment must be included in ratios.<\/p>\n

                                                      Occupancy<\/strong><\/h2>\n

                                                      Multiple FHA Loans:<\/span><\/strong><\/h3>\n

                                                      Borrower may obtain second FHA loan for new principal residence when relocating for\u00a0employment and current residence is more than 100 miles from new residence area.<\/p>\n

                                                      Property<\/strong><\/h2>\n

                                                      Acceptable Mixed Use:<\/strong><\/span><\/h3>\n

                                                      A minimum of 51% of the entire building square\u00a0footage is required for residential use.<\/p>\n

                                                      Refiances<\/strong><\/h2>\n

                                                      Rate and Term Refinance Types:<\/strong><\/span><\/h3>\n
                                                        \n
                                                      • Rate and Term (refinance any mortgage \u2013requires appraisal).<\/li>\n
                                                      • Simple Refinance (refinance FHA-insured\u00a0mortgage\u00a0\u2013 requires appraisal).<\/li>\n
                                                      • Streamline Refinance (no appraisal).<\/li>\n
                                                      • Streamline Refinance \u2013 Credit Qualifying (no\u00a0appraisal).<\/li>\n<\/ul>\n

                                                        Rate and Term Maximum LTV:<\/span><\/strong><\/h3>\n
                                                          \n
                                                        • 97.75% if owner-occupied for previous 12\u00a0months, or owner-occupied since acquisition if\u00a0acquired within the last 12 months, at case\u00a0number date.<\/li>\n
                                                        • 85% if borrower has not occupied as principal\u00a0residence for <12 months prior to case number\u00a0date, or if owned less than 12 months and has\u00a0not occupied the property for the entire period\u00a0of\u00a0ownership.<\/li>\n
                                                        • 85% for all HUD-approved secondary residences.<\/li>\n<\/ul>\n

                                                          Cash Out LTV:<\/span><\/strong><\/h3>\n

                                                          Owned and occupied as principal residence for 12\u00a0months* prior to case number assignment date: 85%\u00a0of appraised value.\u00a0*exceptions allowed for inheritance<\/p>\n

                                                          Rate and Term – Short Payoffs:<\/span><\/strong><\/h3>\n

                                                          Existing note holder must write off remaining debt in short payoff scenario.<\/p>\n

                                                          Skipped Payments:<\/span><\/strong><\/h3>\n

                                                          Payments for all mortgages secured by the subject property must have been paid within the month due\u00a0for the month prior to mortgage disbursement. (This would allow for a skipped payment.)<\/p>\n

                                                          Streamline Refinances<\/strong><\/h2>\n

                                                          Streamline Refinance Net Tangible Benefit – Term Reduction:<\/span><\/strong><\/h3>\n

                                                          Reduction in term alone constitutes net tangible benefit if the new rate does not exceed the current\u00a0rate and payment (Principal + Interest + Monthly-Paid Annual MI) does not increase by more than $50).<\/p>\n

                                                          Underwriting<\/strong><\/h2>\n

                                                          TOTAL Scorecard Manual Downgrade Requirements:<\/span><\/strong><\/p>\n

                                                          Manual downgrades are required when:<\/p>\n

                                                            \n
                                                          • Delinquent federal debt is present.<\/li>\n
                                                          • CAIVRS claim is present unless erroneous or qualifies for exception listed below:
                                                            \n\u2022 Assumption: loan was current prior to the\u00a0assumption.
                                                            \n\u2022 Divorce: home and debt assigned to ex-spouse and mortgage was not in default\u00a0at the time.
                                                            \n\u2022 Bankruptcy: mortgage was included in a\u00a0bankruptcy due to extenuating\u00a0circumstances.<\/li>\n<\/ul>\n
                                                              \n
                                                            • Borrower is named on excluded party list.<\/li>\n
                                                            • Foreclosure, short sale, or DIL within 3 years.<\/li>\n
                                                            • BK discharged within 2 years.L<\/li>\n
                                                            • Late mortgage payments on purchase or r\/t refi\n
                                                                \n
                                                              • 3 or more > 30 days or<\/li>\n
                                                              • \u2022 1 or more 60 days plus 1 or more 30 day<\/li>\n
                                                              • \u2022 or 1 >90 days.<\/li>\n<\/ul>\n<\/li>\n
                                                              • Any mortgage tradeline (incl. 2nd liens) that has\u00a0less than 6 months history.<\/li>\n
                                                              • >$1000 in disputed derogatory accounts.<\/li>\n
                                                              • Cash-out refinance reflects:
                                                                \n\u2022 Delinquent payment in last 12 months or
                                                                \n\u2022 Currently delinquent or
                                                                \n\u2022 Non-occupant co-borrower is present.<\/li>\n
                                                              • AUS conditions cannot be met.<\/li>\n
                                                              • Derogatory or any other credit information has\u00a0not been considered by TOTAL (includes\u00a0multiple NSF checks on bank statement).<\/li>\n
                                                              • A borrower or co-borrower has no credit score.<\/li>\n
                                                              • Undisclosed mortgage debt is discovered.<\/li>\n
                                                              • Business Income shows a >20% decline over the\u00a0analysis period.<\/li>\n<\/ul>\n

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                                                                Team Move\u00a0lends in\u00a0areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC.\u00a0 North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

                                                                Below are the FHA guideline changes effective for FHA case file numbers assigned on or after September 14, 2015. Below are the topics and the new guideline language which replaces the prior rules often because the prior rules were not specific enough. Assets:\u00a0 This section applies to anything pertaining to documenting assets on an FHA […]<\/p>\n","protected":false},"author":2,"featured_media":2304,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,24,33,17,19,40],"tags":[22,93,240,7,25,26,27,28,29,30,31,9,241,10,11,12,166,13,98,16,310,18,311,102,20,21],"class_list":["post-2288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-fha","category-frequently-asked-questions","category-products","category-recent-changes","category-tips","tag-credit-reports","tag-debt-ratio","tag-down-payment-gift","tag-down-payment-source","tag-fha","tag-fha-guidelines","tag-fha-home-loans","tag-fha-loan-calculator","tag-fha-loan-requirements","tag-fha-loans","tag-fha-purchase","tag-first-time-buyers","tag-gift-from-family","tag-homebuyers","tag-low-down-payment","tag-lumberton-board-of-realtors","tag-mortgage-credit-score","tag-mortgage-faqs","tag-nc-purchase-contract","tag-north-carolina","tag-pinehurst-southern-pines-association-of-realtors","tag-realtors","tag-sanford-area-association-of-realtors","tag-south-carolina","tag-team-move","tag-wrar"],"acf":[],"yoast_head":"\nLots of FHA changes with guideline updates on 9\/14\/2015<\/title>\n<meta name=\"description\" content=\"Keep up with the FHA changes to guidelines. Many are surprised at some of the FHA guidelines for a home purchase. Some better, some worse\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lots of FHA changes with guideline updates on 9\/14\/2015\" \/>\n<meta property=\"og:description\" content=\"Keep up with the FHA changes to guidelines. Many are surprised at some of the FHA guidelines for a home purchase. Some better, some worse\" \/>\n<meta property=\"og:url\" content=\"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Team Move Mortgage Blog\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-18T19:10:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-13T22:34:20+00:00\" \/>\n<meta name=\"author\" content=\"Russell Smith\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Russell Smith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/\"},\"author\":{\"name\":\"Russell Smith\",\"@id\":\"https:\/\/teammovemortgage.com\/blog\/#\/schema\/person\/fbcb9952207d77d752ba9074b82fad37\"},\"headline\":\"FHA Has Changed A Lot of Guidelines effective 9\/14\/15 That Can Hurt or Help Buyers\",\"datePublished\":\"2015-09-18T19:10:50+00:00\",\"dateModified\":\"2020-07-13T22:34:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/\"},\"wordCount\":2639,\"publisher\":{\"@id\":\"https:\/\/teammovemortgage.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"credit reports\",\"debt ratio\",\"down payment gift\",\"down payment source\",\"FHA\",\"fha guidelines\",\"FHA home loans\",\"fha loan calculator\",\"fha loan requirements\",\"fha loans\",\"FHA purchase\",\"first time buyers\",\"gift from family\",\"Homebuyers\",\"low down payment\",\"Lumberton Board of Realtors\",\"mortgage credit score\",\"Mortgage FAQ's\",\"NC purchase contract\",\"North Carolina\",\"Pinehurst Southern Pines Association of Realtors\",\"Realtors\",\"Sanford Area Association of Realtors\",\"South Carolina\",\"Team Move\",\"WRAR\"],\"articleSection\":[\"1st Time Buyers\",\"FHA\",\"Frequently Asked Questions\",\"Products\",\"Recent Changes\",\"Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/\",\"url\":\"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/\",\"name\":\"Lots of FHA changes with guideline updates on 9\/14\/2015\",\"isPartOf\":{\"@id\":\"https:\/\/teammovemortgage.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/teammovemortgage.com\/blog\/fha-changes-guidelines-2\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2015-09-18T19:10:50+00:00\",\"dateModified\":\"2020-07-13T22:34:20+00:00\",\"description\":\"Keep up with the FHA changes to guidelines. 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