FHA

If you are an authorized user on a credit card, and you do not pay that account or don’t want that account to affect your homebuying process, FHA will require you to show that the primary account holder paid for the last 12 months in order to disregard the debt.

Related Article Title:  FHA – Authorized Used Obligation:  Am I required to count debt if my applicant is an authorized user but is not responsible for the payment of the account? Answer: FHA requires that payments made by the primary account holder be documented for the last 12 months to disregard the monthly debt.  A [...]

2018-11-26T11:33:11+00:00November 26th, 2018|FHA, Social Media Posts|

FHA does not have a guideline on Tip Income! This means that lenders may have different opinions regarding how to use it to qualify for a home. We are used to clients with Tip income, so call me first!

Related Article Title: FHA – Tip Income Calculation:  What are the guidelines for calculating Tip income for an FHA loan? Answer: FHA does not have a specific Tip Income guideline, I’ll be answering your question based on my personal experience rather than providing a definitive “tip income” guideline.  Your underwriter will make the final determination [...]

2018-11-26T11:21:18+00:00November 26th, 2018|FHA, Social Media Posts|

When a client is working multiple jobs, FHA wants to see a two-year history of each income to use in qualifying for a loan.

Related Article Title: FHA – Two Primary Jobs:  How do you calculate income for a client with 2 primary jobs that are both paid hourly, and who changed employers 7 months ago? Answer: If your borrower has been working 2 jobs consistently for the last 2 years, then the second job income is eligible for [...]

2018-11-26T11:18:31+00:00November 26th, 2018|FHA, Social Media Posts|

Attention Home Dreamers! Did You Know that a seller can contribute part of your closing costs to buy a home? Contact me for details and let’s turn that dream into a home!

Related Article Title: Fannie, Freddie, FHA, VA & USDA- HOA Fees:  Realtors in our area are talking about a new program that does not count the HOA fees.  Does any agency allow that? Answer: Fannie & Freddie say: Fannie and Freddie allow a seller (or an interested party contribution) to pay up to 12 months [...]

2018-11-26T11:09:30+00:00November 26th, 2018|Fannie Mae, FHA, Freddie Mac, Social Media Posts, USDA, VA|

FHA – Authorized Used Obligation: Am I required to count debt if my applicant is an authorized user but is not responsible for the payment of the account?

Answer: FHA requires that payments made by the primary account holder be documented for the last 12 months to disregard the monthly debt.  A credit supplement should not be necessary. Reference: 4000.1, II, A, 4, b, iv, (A) Accounts for which the Borrower is an authorized user must be included in a Borrower’s DTI ratio [...]

2018-11-25T20:38:11+00:00November 25th, 2018|FHA|