FHA

FHA – Non-Union Carpenter – Various Jobs: Will FHA accept a borrower that is a carpenter that has multiple employers over a two-year period and receives a W2 when he completes a job?

Answer: This will be an underwriter’s call, but I think that your borrower would fall into the ‘no additional analysis needed” exception cited below in the FHA guideline regarding frequent employment changes, even though he’s not a union member. You will also need to determine whether or not the income is hourly or commission because [...]

2019-01-25T08:36:31+00:00January 25th, 2019|FHA|

Fannie Mae-Freddie Mac-FHA: Will FHA or any other agency allow a “kiddie condo” where a family member buys the home, no income is required of the occupant and the minimum down payment is acceptable? [Mortgage Talking Points™ How FHA Defines Family Members]

Answer: Kiddie Condos is slang terminology for a program that was designed to help young adults own their own home. Many times, this started during the college years when parents thought it might be better to buy a home where their adult child was attending college, versus paying the high rent in college towns. The [...]

2019-01-25T08:38:04+00:00January 25th, 2019|Fannie Mae/Freddie Mac, FHA|

FHA – Acceptable Heating Source: Will a plug-in baseboard heater that is permanently attached to the wall satisfy the heating condition for the subject property appraisal?

Answer: The appraiser has to follow the guidelines below when determining the adequacy of the heating system.  If the heater is designed to be used in exactly the manner that it is installed AND it satisfies all of the other criteria listed in the guideline below, then it may be considered acceptable.  Note that if this [...]

2019-01-25T08:35:16+00:00January 25th, 2019|FHA|

FHA counts on the appraiser to determine if Heating or Cooling Systems are adequate and healthful for a residence.

Related Article Title: FHA – Acceptable Heating Source: Will a plug-in baseboard heater that is permanently attached to the wall satisfy the heating condition for the subject property appraisal? Answer: The appraiser has to follow the guidelines below when determining the adequacy of the heating system.  If the heater is designed to be used in [...]

2019-01-24T17:21:30+00:00January 24th, 2019|FHA, Social Media Posts|

FHA does not require additional analysis of income where frequent changes in employment are common for that type of work, such as union trades and temporary workers. Not sure? Call me first!

Related Article Title: FHA – Non-Union Carpenter – Various Jobs: Will FHA accept a borrower that is a carpenter that has multiple employers over a two-year period and receives a W2 when he completes a job? Answer: This will be an underwriter’s call, but I think that your borrower would fall into the ‘no additional [...]

2019-01-24T17:20:09+00:00January 24th, 2019|FHA, Social Media Posts|