Issue: Q&A – October 25, 2017

FHA – Acceptable Gift Funds: Who can give a gift on a FHA loan? 

[Includes New Mortgage Talking Points™ flyer, FHA – Who Can Give a Gift] Answer: We have created a Mortgage Talking Points™ flyer, FHA – Who Can Give a Gift, about acceptable gift donors for FHA. This has become a popular question, and this information will assist your referral sources when talking with new clients. Copyright – […]

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FHA – Auto Lease Payments: If an auto lease payment has less than 10 months, can we omit the payment from the DTI?

Answer: For FHA, auto leases are not considered a standard closed-end installment loan. Paying them off/early will not help DTI. FHA doesn’t have a clear statement in their guidelines that auto leases cannot be excluded from the DTI if they are within 10 months of the ending contract date. However, auto leases aren’t considered a standard […]

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FHA – Divorce Liability – Former House Payment: Must a house payment be counted against the divorced person, when the final divorce decree obligates the former spouse? 

[MC Chart – Divorced Borrower Topics] Answer: Divorce sucks, but it sucks even more when your mortgage lender does not know how to handle your new or existing loan! Call Me! In the case of a contingent liability where there is a final divorce decree assigning the liability to the other obligated party, you only […]

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FHA – HECM: Can an unmarried borrower obtain a Reverse Mortgage and protect the rights of occupancy of their lifelong partner?

Answer and Reference: Don’t get a reverse mortgage HECM until you understand the facts and know how to protect your loved ones. Call me 1st. #HECMloans HUD has defined the Non-Borrowing Spouse in ML 14-02 as: “Non-Borrowing Spouse” is defined as the spouse, as determined by the law of the state in which the spouse […]

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FHA – Self Sufficiency – Multi Unit Property: How does FHA determine “self-sufficiency” for multi-unit properties?

Answer: Before you sell a multi-unit property using FHA financing, contact me to talk about establishing “self-sufficiency”. The instructions for determining self-sufficiency are below in the guideline. I’ve also provided 2 other pertinent guidelines regarding reserves and calculation of effective Rental Income when purchasing a 3-4 unit property. Reference: 4000.1 II, A, 1, b, iv, […]

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