Category: FHA

Did you know that a seller will sometimes contribute closing costs to a person buying their home in order to help make purchasing that home easier? Don’t fall for the myth that it takes a lot of money to buy your next home.  Let’s discuss your situation and I’ll help you make a plan!

Related Article Title: Excess Seller Contributions Applied to Paying Off Debt Question: If I have excessive seller contributions, can they be used toward borrower debt being paid off at closing? Answer: Unfortunately, not. Only VA allows a seller to pay off a borrower’s debts. Reference: 4000.1 II.A.4.d.iii.(H) and II.A.5.c.iii.(H)  Inducements to Purchase are treated the […]

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If you work in the Marijuana/Cannabis Industry and are a W-2 employee, there are home financing programs available.  However, the Federal programs such as FHA, VA and USDA will not consider your income because of the illegality at the Federal level, despite what the state legalizes.  If you work in this industry, let’s talk and I’ll help your find the right program!

Related Article Title: Will Government Agencies Allow Marijuana Income? Question: Do any of the Government loans (FHA, USDA and VA) allow the use of W-2 income from a Borrower who works at a Marijuana company? This person is not a grower or distributor and all of their income is derived from W-2 income. Answer: As […]

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FHA New Construction 1004D and Increased Property Value

Question: When a new construction appraisal is completed subject to “the completion of construction,” is it acceptable for an appraiser to revise/increase) the value on the 1004D due to updated sales data? If so, would they have to update the 1004, or would we just use the value and the date of the 1004D? Answer: The […]

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Excess Seller Contributions Applied to Paying Off Debt

Question: If I have excessive seller contributions, can they be used toward borrower debt being paid off at closing? Answer: Unfortunately, not. Only VA allows a seller to pay off a borrower’s debts. Reference: 4000.1 II.A.4.d.iii.(H) and II.A.5.c.iii.(H)  Inducements to Purchase are treated the same way for both TOTAL and Manual underwriting.  Inducements to Purchase […]

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Will Government Agencies Allow Marijuana Income?

Question: Do any of the Government loans (FHA, USDA and VA) allow the use of W-2 income from a Borrower who works at a Marijuana company? This person is not a grower or distributor and all of their income is derived from W-2 income. Answer: As government entities, FHA, VA and USDA currently will not […]

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