Category: FHA

FHA HECM Updates – NY Licensing – Appraisals – CFPB Exams

Written by: Melinda Hipp, Staff Writer Following are the FHA HECM updates for June.  If you work with reverse mortgages, this is a must-read update! Updates: The New York Department of Financial Services (DFS) published new NMLS licensing guidelines for New York State licensed mortgage bankers seeking to originate Home Equity Conversion Mortgages (HECMs) and proprietary reverse […]

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Federally backed student loans are in deferral until October. This does not mean that you cannot buy or refinance a home!  If this is your situation, don’t let this issue hold you back, let’s talk!

Related Article Title: Calculating the Student Loan Payment When Interest Rates Are Temporarily Reduced Question: My client’s student loan is deferred with a $0 payment.  I requested a letter from the student loan carrier regarding the amortized payment and it came back with 0% interest due because of the virus.  Will FHA accept that temporary […]

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If you have an FHA Mortgage, did you know that you may be able to refinance that loan without an appraisal, credit report, income or asset verification? It is a simple strategy many of my clients have used to lower their rate.  Sound interesting?  Let’s Talk!

Related Article Title: Documents Needed for an FHA Streamline Question: What are the income and asset document requirements for an FHA Streamline?  MC – FHA Streamline Worksheet Answer: If you are doing a non-credit qualifying streamline refinance, then income and asset documentation is not required. If you are doing a credit qualifying streamline refinance, then income […]

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Work History Requirement for Recently Incarcerated

Question: Does FHA require a 2-year work history and residential history before qualifying for a home loan? He has been working for 6 months in the same line of work prior to his incarceration.  The job gap is 6 years.  MC Chart – Employment History Answer: I do think that your client’s situation may comply […]

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Documents Needed for an FHA Streamline

Question: What are the income and asset document requirements for an FHA Streamline?  MC – FHA Streamline Worksheet Answer: If you are doing a non-credit qualifying streamline refinance, then income and asset documentation is not required. If you are doing a credit qualifying streamline refinance, then income and asset documentation is required based on the type […]

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