The Real Estate Market. Sales of existing homes remain steady, however; the over protective credit practices of the late eighties and early nineties are showing some signs of easing. The best example of this: the changes to the FHA underwriting guidelines (please see below.)
FHA Update. Underwriting guidelines for most HUD insured loans have been substantially eased. Some examples include:
1) Less restrictions on debt -- child care expenses needn't be counted against a borrower. Installment debt with less than ten months remaining, needn't be counted as well.
2) More lenient view of part time income.
3) Less restrictions on cash used to close on the real estate.