Starting July 14th, HUD will be implementing changes to FHA loans that will drastically impact anyone obtaining FHA financing.
Until now, all FHA borrowers were treated virtually the same, assuming they met the minimum qualification standards. There was no specific advantage for someone with a credit credit score over someone with credit issues. That doesn't make a lot of sense, does it?
That will change with the new Risk-Based Assessment. FHA will evaluate borrowers based on their credit score, loan-to-value requested, and other factors.
