Changing Guildelines in the Mortgage Industry
The COVID-19 pandemic is shaking things up in every industry. We are joined by Cole Butcher from Intercap Lending to talk about the changing guidelines in the mortgage industry, including FHA Loans, Jumbo Loans, and Self Employment.
FHA (Federal Housing Administration). Many lenders are putting FHA loans on hold for the foreseeable future. Intercap Lending has looked at this as an opportunity to help the public. FHA programs are now available at a better price, and to people with lower credit scores.
Jumbo Loans. These loans are on hold for the time being. In Salt Lake County, the jumbo limit is $600,300. If you have a loan amount of more than $600,300, you are considered in the jumbo market.
Self Employed. While the general rule of thumb has always been the Rule Of Two’s (2 years of tax returns), the guideline during the current situation has changed to simply being able to show active income.
Please contact Rooted or Cole from Intercap Lending if you have any additional questions about changing guidelines in the mortgage industry.
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