Issue: Q&A – June 25, 2020

Work History Requirement for Recently Incarcerated

Question: Does FHA require a 2-year work history and residential history before qualifying for a home loan? He has been working for 6 months in the same line of work prior to his incarceration.  The job gap is 6 years.  MC Chart – Employment History Answer: I do think that your client’s situation may comply […]

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

Documents Needed for an FHA Streamline

Question: What are the income and asset document requirements for an FHA Streamline?  MC – FHA Streamline Worksheet Answer: If you are doing a non-credit qualifying streamline refinance, then income and asset documentation is not required. If you are doing a credit qualifying streamline refinance, then income and asset documentation is required based on the type […]

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

Future Retirement Income from Active Duty Retirement

Question: Will VA allow future retirement income when someone is retiring from active duty?  Their retirement is set for 10 months after the note date and he will work until that date.  MC – Expected Income Chart – All Agencies Answer: VA would allow the use of the retirement income as long as you can […]

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

Calculating the Student Loan Payment When Interest Rates Are Temporarily Reduced

Question: My client’s student loan is deferred with a $0 payment.  I requested a letter from the student loan carrier regarding the amortized payment and it came back with 0% interest due because of the virus.  Will FHA accept that temporary interest rate? Answer: There is no specific guidance from FHA regarding temporary interest rates, […]

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

Payoff Requirements for Charge-Offs

Question: What are the requirements when a client has a charge-off?  When does it need to be paid off and when does it not need to be paid off?  MC Chart – Collections and Judgments – All Agency Guidance Answer: Following is the information you will need from Fannie Mae. Reference:Fannie Mae Guide B3-6-07 & […]

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

Scroll to Top