FHA announced a HUGE update to their Condo guidelines, including a new condo section of the 4000.1 manual. As announced in FHA INFO #19-41, new condo project approval requirements are effective for case number assignments as of October 15, 2019. In the September Rules Issue, [Linked Here] our expert discussed these changes, and created new charts [...]
In each Rules Issue, we post “What was Added and What Was Changed!” This helps our subscribers stay up to date on all of the additions and chart/checklist/MTPs and other documents that we change each month, based on the new guidelines issued by the agencies. What Was Added This Month Charts & Checklists: Earnest Money [...]
Answer: Homeowners are allowed to have horses and a barn for them, as long as the building is not a business or is income producing. USDA does not restrict homeowners owning horses, or having a barn, for that matter. Reference: Ref: 3555.201 Chapter 12: Property and appraisal requirements Income-Producing Buildings. The property must not include [...]
Related Article Title: USDA – Horse Barns: If the property has a horse barn, does that invalidate this property for USDA? Answer: Homeowners are allowed to have horses and a barn for them, as long as the building is not a business or is income producing. USDA does not restrict homeowners owning horses, or having [...]
Answer: Following are the guidelines, but pay particular attention to the 3-month rule if you do not want to count the spouse’s income. Reference: HB-1-3555 Include the income of an applicant’s spouse, unless the spouse has been living apart from the applicant for at least three months (for reasons other than military or work assignment), [...]