FHA

FHA Requirements for Demonstrating Union Income History

Question: My borrower is a union apprentice and has been employed for over a year. He does not work for the union, but they place him at companies and the companies pay him. Prior to working with the union, he was in school and held random part-time jobs.  Does he need 2 years of union [...]

2019-09-25T09:15:43-05:00September 25th, 2019|

FHA Determination of Property Value when owned for less than 12 months.

Question: Why is underwriting using the purchase price of a property vs. the full appraised value for a home that was purchased less than 12 months ago? Answer: FHA bases the LTV calculation on the Adjusted Value of the property.  See the guidelines below for the full details regarding the definition of adjusted value for [...]

2019-09-24T10:10:54-05:00September 25th, 2019|

Although Per Diem income may seem like income, FHA will not allow it to be used to qualify you for a mortgage loan because the intent of the income is to cover additional expenses incurred by the employee.

Related Article Title: Per Diem Used as Income on an FHA Loan Question: Are there any circumstances where FHA will allow Per Diem income to be used? Answer: Unfortunately, FHA does not consider per diem payments as income, nor does the IRS. They are considered a reimbursement to cover additional expenses incurred by an employee, not actual income to [...]

2019-09-24T15:43:53-05:00September 25th, 2019|FHA, Social Media Posts|

Attention Union Workers! FHA does not specify that you must work in a union profession for 2 years in order to qualify for a home. They only specify that you need to have a stable 2-year work history. For someone that understands the complexities, give me a call!

Related Article Title: FHA Requirements for Demonstrating Union Income History Question: My borrower is a union apprentice and has been employed for over a year. He does not work for the union, but they place him at companies and the companies pay him. Prior to working with the union, he was in school and held [...]

2019-09-24T15:54:00-05:00September 25th, 2019|FHA, Social Media Posts|

Can You Roll Closing Costs into an FHA Streamline?

Question: How do you roll closing costs into an FHA streamline?  MC-  Refinance Loans Chart – All Agencies Answer: There are no Streamline Refinance options that allow for the closing costs to be rolled into the loan, unless you accomplish it through premium pricing and still meet the net tangible benefit requirements.  You would have [...]

2019-09-24T11:03:08-05:00September 25th, 2019|