Category: FHA

Parsonage Income & Self-Employment Tax

Question: I have borrower that is a Pastor receiving $9500 non-taxable income per month as Parsonage income. We have documented this income with a VOE, letter from the HR Director, and bank statements with proof of transfer from the church to the borrower. He receives no W2’s or 1099s. Our underwriter states that tax returns […]

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Student Loan Alert! FHA just announced new rules about how student loan payments should be considered when buying or refinancing a home. If you were previously turned down for a home loan or told you could not qualify due to a student loan payment, let’s talk. These new rules may help you qualify for the home you are dreaming about!

Student Loan Alert! FHA just announced new rules about how student loan payments should be considered when buying or refinancing a home. If you were previously turned down for a home loan or told you could not qualify due to a student loan payment, let’s talk. These new rules may help you qualify for the home you are dreaming about!

Related Article Title: Student Loan Payment Calculation of Monthly Obligation, FHA Mortgage Letter 2021-13 – Dated June 17, 2021, May be implemented immediately, but must be implemented for mortgages with case numbers assigned on or after August 16, 2021. Written by: Tracey Rumsey, Staff Writer FHA issued a game changer with this update!  Be sure […]

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Student Loan Payment Calculation of Monthly Obligation, FHA Mortgage Letter 2021-13 – Dated June 17, 2021, May be implemented immediately, but must be implemented for mortgages with case numbers assigned on or after August 16, 2021.

Written by: Tracey Rumsey, Staff Writer FHA issued a game changer with this update!  Be sure to read through this article about how they changed student loan payment calculations. Rule Synopsis: NEW Chart Added to Mortgage Currentcy – Student Loan Payments – Calculation Examples – All Agency Comparison Effective dates May be implemented immediately but […]

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Need a Co-Signor to Buy a Home? Just like any other type of loan, you can add a co-signor when buying a home.  The key is to work with someone who understands what type of co-signor is permitted depending on the home you would like to purchase. If you are ready to own a home, but need a co-signor, let’s chat and make a plan.

Need a Co-Signor to Buy a Home? Just like any other type of loan, you can add a co-signor when buying a home.  The key is to work with someone who understands what type of co-signor is permitted depending on the home you would like to purchase. If you are ready to own a home, but need a co-signor, let’s chat and make a plan.

Related Article Title: Primary Residence Purchase of a Multi-Unit with a Non-Occupant Co-Borrower Question: I have a client purchasing a duplex with his father. The son will use 1 unit as his primary residence and father will be a non-occupant. Can this be done with only putting 3.5% down payment? Answer: Unfortunately, not with FHA. […]

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