Q&A - October 25, 2016

Student Loan Payment: If a client has an Income-Based Repayment plan in place, can we use the actual payment?

Updated Chart on 5/9/2018 – Student Loan Chart/Checklist- FHA/VA/USDA/Conventional Comparison Answer: VA allows Income-Based Payments on student loans, which is more lenient than FHA loans. Score one for the Veterans! VA has no prohibition in the Lenders Handbook regarding the use of IBR payments, and my conversations with my VA Regional Office have confirmed this. [...]

2018-05-10T14:07:16-05:00November 3rd, 2017|

Distance between Well and Septic: Does FHA have a requirement for the distance between the well and septic on a property?

Answer: Yes. The current guidelines are below for your reference. There are standards for FHA financing, when a property is on a well and septic system. Contact me for the details. Reference: 4000.1 Manual (O) Water Supply Systems (1) Public Water Supply System: The Mortgagee must confirm that a connection is made to a public [...]

2017-12-27T12:22:55-05:00November 3rd, 2017|

Parent Co-Borrower-Multiple FHA Loans: Can a parent be co-borrower on more than one FHA loan, if they are doing this for each child, on separate properties?

Answer: Yes, the parents may co-sign again on another FHA loan. This is one of the exceptions to the rule that only allows a borrower to have one FHA loan at a time. See the guideline below. More than one Millennial living at home? FHA will allow parents to co-borrow on more than one FHA [...]

2017-12-27T12:22:56-05:00November 3rd, 2017|