Found 1 blog entry tagged as FHA Guidelines.

 

Several new underwriting guidelines for FHA Loans will go into effect on September 14, 2015, with the release of the updated FHA Handbook. Be sure your mortgage lender is preparing for these changes.  Here are a few of the most significant revisions being made.
  Current FHA Guideline New FHA Guideline
Gift funds Only a canceled check is required as documentation. The donor’s bank statement showing the withdrawal of funds will be required, and any large cash deposits in the donor’s account will need to be explained.
Family members Definition of family member limited to spouse, children, parents/grandparents, siblings, aunts, and uncles. New definition of who qualifies as a…

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