Jul. 3, 2012
Potential borrowers can breathe a little easier this week. The Federal Housing Administration, or FHA, has eliminated a rule that many in the real estate industry said would have kept potential homeowners from qualifying for a mortgage, especially young, first-time borrowers.
The rule, which was to go into effect July 1, would have affected borrowers who were seeking an FHA-insured mortgage and had an ongoing credit dispute of more than $1,000. The rule would have required the borrower to either pay off the outstanding balance or document a payment arrangement.
