FHA still same guidelines???

[Anonymous]

Just wondering if anybody in the industry knows whether FHA loans are still as easy to qualify for as they were in the past year?  Will having 24 months with no baddies and 10-13% down still be enough?  I've got a lot of skeletons in my credit report charge off's, collection accounts (all paid but one collection for $146 which I refuse to pay because they won't PFD... **bleep** YOU Cavalry Portfolio!) and late payments.  I know credit scores don't count in FHA but mine are around 640 and maybe will be in the 670 range by the time I'm ready to buy.

Looking for $300,000 house in Madison Cty IL.  anywhere between $30,000 and $45,000 for downpayment from sale of current house and savings

[Anonymous]

By the way, I forgot to include that I have NO debt besides my mortgage~!

[BrianB_The_Loan_Professor]

You should be fine with that scenario. I would bet that you will get an approval with an automated underwriting system and have an easy time.

Good luck

Brian

[ShanetheMortgageMan]

FHA's regular program did have some changes but only to their mortgage insurance rates and required down payment, the mortgage insurance rate changes went into effect on 10/1/08 but the down payment change (to 3.5%) won't be in effect until 1/1/09.  FHA also recently expanded the FHASecure program and added the Hope for Homeowners program.