Good Morning!
FHA is coming out with a new mortgagee letter (2012-3) which goes into effect 4-1-12.
Mortgagee letters are how FHA makes changes to their guidelines.
This one mainly effects disputed accounts.
Here is the most important paragraph from this mortgagee letter...
"If the borrower has individual or multiple disputed credit accounts or collections with singular or cumulative balances equal to or greater than $1,000, the accounts must be resolved (e.g. payment arrangements with a minimum three months of verified payments made as agreed) or paid in full, prior to, or at the time of closing."
This is pretty huge. It's going to make doing FHA loans more difficult for those with disputed accounts.
...and it makes my blog bost from a couple of weeks ago even more important now...
Read it here: http://loansdonequickly.com/new-trick-to-getting-disputes-removed-from-your-credit/
To see if you qualify for a mortgage right now - CLICK HERE and fill out this simple application.
To sign up for my weekly mortgage quick tips - CLICK HERE.
To download this report "4 Easy Ways To Get Someone Else To Pay Your Closing Costs!" - CLICK HERE.
Thanks for reading, and have a great day!
Brett
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