To tighten the FHA guidelines for home loan? My friend has been pre-approved for an FHA loan about 6 months ago just found a house and said the guidelines have recently changed and is no longer eligible.
My husband and I have also been pre-approved FHA loan with another lender you think that this effect would be to use?
I know credit is better is that the years are a credit score is approximately 695 that is for us both. (My husband and I)
I thought that was either an FHA loan amount higher.
Debbie do not panic yet. It could be anything other than disqualified. Yes to all banking requirements have changed and continue to change. For a change from day to day. But I am sure that your lender will let you know if anything is possible. You should be fine.
Hey, Thanks for being on the market and buying a house! It really helps our economy!
If your friend has had an average score that was <580, the rules have changed in March. Now, you can not get many investors to purchase a loan that was taken out manually with scores under 580.
In addition, certain other investors will not allow a Borrower to use grants to nonprofit using funds if their results are less than 620.
It is possible that they have never been properly pre-approved first.
The only one who can answer your questions about your pre-approval is your lender. 695 scores are very good. Provided you have not taken on any additional debt, changed jobs / occupations, becoming independent, spent money for your down payment, etc., it should go.
Good luck and sorry for your lucky friends. If it scores, they should seek redress from a body of reputable credit assistance. The money spend could be the difference between getting home and not getting it.
Posted on February 21, 2010.
