So, I was talking to my realtor about this short sale house I'm under contract for and he said everything is looking great and I should be moving in sometime soon. I told him I was still concerned about funding because of the rule changes with FHA and that I have some old, unpaid medical collections that total $5500 (from 2005-2007), even though I received my FHA number before April 1st. He said they changed the rulles again and told me to google it. This article is a MUST READ!! All this time I was wondering why the April 1st date changed to July 1st, now I know.
http://www.inman.com/news/2012/04/20/fha-postpones
I can almost believe that I'll be a home owner soon, now...
Did you notice in the article where it said that anyone with proven life events that caused the non-payment is an exception? Meaning, for me, my medical bills were while I had state Medicaid... I obviously wasn't in a position to pay these bills out of pocket if I was receiving Medicaid. They failed to bill the insurance and then posted them on my credit.. "Unforseen circumstance". That means, even if July 1st comes and they implement this plan, I'd still get a pass with an LOE being that I'm a single mom of 3 and given my income and the fact that I had Medicaid, I wouldn't have been expected to be able to afford these bills, and a couple of them are from when I gave birth to my son, so it wasn't as if I could've just not gone to the hospital. I hate how they bill seperate for everything here. I NEVER received a bill for anything... and who knows what bills Medicaid received since every doctor, clinic, lab, department, etc bills seperately...
It just makes me feel better knowing that I'm not going to be punished any more than I already am as a single mom. I shouldn't have to give up 1/2-3/4 of my income to rent and utilities only to pour the rest of it into my gas tank for the rest of my life when I'm perfectly capable of being a home owner.
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