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FHA changes can affect your ability to get approved for a mortgage

FHA changes can affect your ability to get approved for a mortgage

As of April 1st, 2012 FHA is changing a few potentially important things to you. This could affect your ability to qualify for a mortgage.

If you have accounts you are disputing or collections that are unpaid , pay attention!!

Even though in the past you could get away with not paying off old collections, you may need to now. If the total of collections on your credit is >$1,000 (sum) then you will need to either pay them off, or have shown 3 months payment history to the collection agent on a payment arrangement.

To apply for an FHA mortgage , click here

Call with questions Ray Williams, Branch Manager Summit Mortgage, 303-779-0591 x101

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.

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