FHA recently made underwriting guideline changes for Self Employed borrowers and borrowers who have disputed and/or collection accounts. The changes apply to residents of states of California, Washington, Oregon and rest of the country. These changes will be effective April 1, 2012 and will impact all FHA mortgages except non-credit qualifying Streamline Refinances and Reverse Mortgages. New Guideline about Self Employed Borrowers: Profit and Loss (P&L) and a Balance Sheet is required if more than a calendar quarter has elapsed since date of most recent calendar or fiscal-year end tax return was filed…
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