Category: FHA

FHA Re-verification of Employment and Exterior-Only and Desktop-Only Appraisals

On Friday March 27th, FHA released temporary guidance to assist lenders during the Covid19 pandemic. This mortgagee letter specifically addresses re-verification of employment, and exterior or desktop appraisals. Our FHA expert reviewed the letter for our subscribers and put together this synopsis. Written by:  Tracey Rumsey, Staff Writer FHA Re-verification of Employment and Exterior-Only and […]

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FHA Work History Prior to an Absence

Question: My client has been a W2 employee for one year, and previous to that she stayed at home with her new baby.  Underwriting is saying that if there is a gap of 6 months or more, I need a full two-year work history prior to the time she stayed home.  Is that right? Mortgage […]

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Federal Student Loan Debt in Collection

Question: If a client has a Federal Student loan in collection, are there any FHA or conventional options? Mortgage Currentcy – Collections & Judgments Chart – All Agencies Answer: Fannie Mae Says: For conventional loans there is no difference on where the collection account originated from (personal credit, federal credit and so on).  A collection […]

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Depreciation Add-Backs for Standard Mileage Deductions

Question: My client has mileage listed on his schedule C.  Can this be added back as a depreciate item and if so what is the mileage multiplier allowed by the IRS? Mortgage Currentcy – Income Analyzer – Depreciation and Mileage Deductions Answer: Yes, this can be added back, and the standard mileage deduction for tax […]

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The Coronavirus Pandemic is leaving some of you to wonder how to handle your mortgage payment if you have experienced a loss of income or job loss. We have put together some tips about “Handling Mortgage Debt During Covid19”.  Just Comment below, and I’ll send you a copy!

The Coronavirus Pandemic is leaving some of you to wonder how to handle your mortgage payment if you have experienced a loss of income or job loss. We have put together some tips about “Handling Mortgage Debt During Covid19”.  Just Comment below, and I’ll send you a copy!

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

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