FHA delays controversial collections rule for mortgage coverage eligibility
FHA delays new collections rule until July
The Federal Housing Administration rescinded and will delay a rule that as of April 1 prohibited borrowers with more than $1,000 in disputed collections accounts from getting a federally backed mortgage, according to a notice sent late Friday. It almost seems like every time we may be pointed at recovery, the government does their best to prevent it. However, the people spoke! It seems FHA got an earful from, well, everyone. In this economy, saying that anyone with more than $1,000 in dispute with a creditor disqualifies you … well, that eliminates a lot of people. First-time buyers were going to be hardest hit.
Rob Alley, Realtor/Owner of Virginia Real Estate Solutions at RE/MAX Assured Properties
434-220-7133
roballeyrealtor@gmail.com
Search MLS Listings and Homes for Sale
Forest Lakes Real Estate and Community Information
Charlottesville Real Estate ExpertsThe Federal Housing Administration rescinded and will delay a rule that as of April 1 prohibited borrowers with more than $1,000 in disputed collections accounts from getting a federally backed mortgage, according to a notice sent late Friday. It almost seems like every time we may be pointed at recovery, the government does their best to prevent it. However, the people spoke! It seems FHA got an earful from, well, everyone. In this economy, saying that anyone with more than $1,000 in dispute with a creditor disqualifies you … well, that eliminates a lot of people. First-time buyers were going to be hardest hit.
Rob Alley, Realtor/Owner of Virginia Real Estate Solutions at RE/MAX Assured Properties
434-220-7133
roballeyrealtor@gmail.com
Search MLS Listings and Homes for Sale
Forest Lakes Real Estate and Community Information
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