Category: FHA

Before you enter a rent-to-own situation, let’s discuss it first. Many clients are surprised when they are ready to buy because they didn’t know the guidelines first.

Before you enter a rent-to-own situation, let’s discuss it first. Many clients are surprised when they are ready to buy because they didn’t know the guidelines first.

Related Article Title: Credit Allowed for Rent to Own Contracts Question: My client entered a rent to own contract in 2017. At that time, they established a $6000 down payment and $250/month is allocated to a savings account to be used as additional down payment.  The borrower and seller are not related.  How do I […]

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Did you know that lenders will accept seasonal income when qualifying you for a home? If you have seasonal income or questions about it, let me know!

Did you know that lenders will accept seasonal income when qualifying you for a home? If you have seasonal income or questions about it, let me know!

Related Article Title: Documenting Seasonal Employment Question: I do not see guidance as to whether a lender is to use traditional documentation or alternative documentation for seasonal income. Since there season has not started, they do not have a YTD paystub.  MC Income Analyzer – Seasonal Income Answer: FHA allows the lender to use either […]

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Multiple FHA Loans Due to Relocation

Question: In order to obtain another FHA loan, the guidelines state “relocation” as an allowable reason.  Does this mean employment relocation or any type of relocation? Answer: The relocation must be for an employment-related reason.  The phrase “relocating or relocated” is to indicate that the borrower is eligible even if the location of employment hasn’t […]

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Credit Allowed for Rent to Own Contracts

Question: My client entered a rent to own contract in 2017. At that time, they established a $6000 down payment and $250/month is allocated to a savings account to be used as additional down payment.  The borrower and seller are not related.  How do I proceed with this lease to own arrangement? Answer: FHA has […]

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Using Seller Concessions to Pay off Borrower Debt

Question: Can you use a seller concession to pay off borrower debts? Answer: Unfortunately, no.  VA allows this, but not FHA. [Article Published in Question & Answer Issue – April 25, 2020] Copyright © 2020 – Mortgage Currentcy – All Rights Reserved

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