FHA Announced temporary changes to rental income calculation due to COVID. To reduce the risk associated with rental income during COVID, FHA will require lenders to either reduce the rental income by 25%, or show borrower reserves of 6 months or demonstrate that the borrower has received rental income for the last two months. If you have clients with rental income, have them talk with me first!
Related Article Title: FHA HECM-Reverse Mortgage Updates for August Written by: Melinda Hipp, Staff Writer Each month our HECM expert brings you the latest updates for FHA-HECM loans. If this is an area of interest for you, make sure that you stay up to date with the changes by reading this article. Rule Synopsis: HUD […]