Usually when there are policy changes in regards to the debt to income ratio, reserves, etc. if the loan was submitted prior to the new effective date then it'd still fall under the old guidelines. Rarely would an aleady submitted loan be subject to the new policies, but it could still happen. If it was me, I'd let the builder know that there could be a potential delay in closing because their preferred lender changed the guidelines in the middle of qualifying, and that you can still qualify, but it may take a little longer to save up the additional money that they are requiring. Since the loan officer is passing it off as an FHA change, and not a lender guideline change, then perhaps for some reason they weren't able to approve you under the initial FHA program they were trying for and instead had to use a lesser FHA program which had more strict requirements - it's tough to say exactly.
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