Category: FHA

Financing a home after a Bankruptcy is possible.  The key is to time the new home financing to meet the home loan guidelines.  Even a day can make a difference, so let’s talk and make a plan before you buy or refinance!

Financing a home after a Bankruptcy is possible.  The key is to time the new home financing to meet the home loan guidelines.  Even a day can make a difference, so let’s talk and make a plan before you buy or refinance!

Related Article Title: Bankruptcy Guidelines and New Closing Date Question: Our client’s credit report shows a discharge date for a Chapter 13 in June of 2019.  They would like to close in June of 2021. Since the contract requires a closing in the month of June, will this file need to be downgraded to a […]

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Large Down payment and Credit History

Question: My client is putting down 20% on the purchase of a home.  We were originally planning to go with a conventional loan; however, his credit is not sufficient.  Additionally, he has one late payment this year on a home that he sold.  Will FHA take this file? Answer: FHA will want a clean housing […]

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Bankruptcy Guidelines and New Closing Date

Question: Our client’s credit report shows a discharge date for a Chapter 13 in June of 2019.  They would like to close in June of 2021. Since the contract requires a closing in the month of June, will this file need to be downgraded to a Manual underwriting? Answer: The case number assignment date is […]

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Borrower Income Changed from W2 to 1099

Question: My client has been in the same line of work and same position for years, however, he recently changed from W2 income to 1099 income. What is the minimum time frame for using this income to qualify for an FHA loan? Answer: FHA will allow a borrower to use self-employment income for qualifying if […]

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What Date is Used for the Seasoning Requirement on a Flipped Property?

Question:  What date does FHA use as the start date for the seasoning requirement on a property being flipped? Answer: Typically, “legal ownership” happens at recording. That said, we are not attorneys and cannot speak to the land ownership laws of any state. FHA does not provide us with a specific definition of “legal ownership” […]

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