Many home buyers use FHA funding for their purchase. The Federal Housing Administration has done a complete review of ALL current policies, guidelines, and manuals/handbooks which lenders are required to follow when using financing through FHA. These changes will take effect with all loan applications and case numbers on or after September 14, 2015. Here are some of the changes coming your way.
Changes to the "100 Mile Rule" for Military borrowers, You are now considered to be occupying your home if you are deployed but a family member is living there OR you can show intent of occupying the residence when you are discharges.
Changes to holding multiple FHA loans and occupancy. You may now prove necessity to move out of your current primary residence and continue to hold your current FHA while applying for a new one if; your family size has grown substantially, you are relocated for work more than 100 miles from your current residence, you are moving out of a jointly owned property, or you are a non-occupying co-borrower purchasing your own primary residence.
Overtime and bonuses can be considered in your income if you have been receiving them for over a year and can provide documentation that they are likely to continue.
These are just a few changes to many with new FHA lending policies. We always recommend that you contact a mortgage lender for advise with your unique situation in applying or considering a new home loan.
This information is provided courtesy of Lorie Jackson with HomeBridge Financial Services, a Storck Team preferred lender! For more information or to pre-qualify for your new home today contact Lorie at firstname.lastname@example.org or (303) 521-8841.
Tatyana Sturm and The Storck Team have 10 years experience in Denver Metro real estate and have helped buyers in many different walks of life with finding their new home from the first time home buyer to seasoned investors all across Colorado. We have a true passion around finding you the best home for your lifestyle. Please call or text The Storck Team at (720) 350-5909 or email us at email@example.com to start your home buying process with a knowledgeable and trustworthy real estate professional.
Tatyana truly understands the dynamics of selling homes in the Denver Metro real estate market and is an expert at educating her clients so they can make the best and informed decisions for their need....
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