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Hi,
I am a little confused about the discussions here, but according to the new FHA rules, the changes on student loans ar being pushed back from June 15th and aren't happening until September:
Q1: What is the effective date for the SF Handbook’s published sections?
A1: The new effective date for implementation of the new and/or revised policies and processes contained within the published version of the SF Handbook was extended by FHA from June 15, 2015 to September 14, 2015.
The following sections are effective on September 14, 2015:
Doing Business with FHA - Lenders and Mortgagees
Doing Business with FHA - Other Participants - Appraiser
Quality Control, Oversight and Compliance - Lenders and Mortgagees (Except for Section V.A.3.c.i – Origination and Underwriting Loan File Compliance Review – Minimum Requirements which is effective for case numbers assigned on or after September 14, 2015)
All other sections of the SF Handbook are effective for case numbers assigned on or after September 14, 2015."
http://portal.hud.gov/hudportal/documents/huddoc?id=SFH_HB_4000-1_FAQS.PDF
Of course, speak to your loan officer, or ask a loan officer before making any home purchasing plans.
^^^Yes, if you take a look at the original post it was made Feb 24, 2015 when the inital announcement date showed a June 15, 2015 guidelines change date.
That date has since been extended to Sept 14, 2015. So there is no confusion here - just updates as the updates are posted by FHA.
These dates are always subject to change so your advice to speak to your LO is good.
"That date has since been extended to Sept 14, 2015. So there is no confusion here"
Yes, there was for me. Reading the posts made here since the new changes were announced (end of April) indicated the June 15th date still stood. Which was confusing to me, and may also have been to anyone that these changes affect. So I made my post to help anyone out there who may need better clarification.
This is so disappointing, as I try to clean up my credit to buy a home. Guidelines are changing to the point I will not be able to qualify for a home. This is awful.
Yeah this is super bummer! What about those who will be going to school and qualify for loan forgivness program....Will they still calculate that into the debt also?
@creditstalker wrote:Yeah this is super bummer! What about those who will be going to school and qualify for loan forgivness program....Will they still calculate that into the debt also?
For loan forgveness, the lender will want to see that you're in forbearance 1 year from when you close or else they will have to factor this loan into your debt to income.
Okay, I will have to secure my loan by the beginning of August....because all of my loans are in deferrment until 2017...ugggh!
My current scores
TU Mort. score 584 / FICO 08 648
EQ Mort. score 540 / FICO 08 634
EX Mort. score 642 / FICO 08 602
Middle Mortgage Score 589...Ouch! I have been working VERY hard with improving these scores. I also need to remove a few dispute comments....that will be my project for tonight....glass of merlot in hand!
Wow-this thread was a real roller coaster ride-I will check with my LO of course, but it looks like we'll be OK as long as we find a home before September 15th, which is the plan anyway since all projections right now point to a rate hike in the fall. I just enrolled in a Masters program so my loans will be in deferment very soon-the program is full time and won't finish until Spring 2017, so that should satisfy the requirements.
Wow I can only imagine this will knock out majority of applicants who went to college.
This is not good at all. These same applicants are your more responsible ones that have good careers but got them because they went to school with the help of student loans. This is a dumb move by FHA. They are always changing stuff.