Tag: FHA

If you are refinancing a home or purchasing a home that has a Solar Panel Obligation, let’s chat first! There are some things you need to know before you sign that contract to prevent any issues.

Related Article Title: Solar Panels and HERO Loans Question: We are running into an issue with an FHA Streamline refinance because the HERO loan that is on the title for Solar Panels does not subordinate.  How does FHA handle this? Solar Panels – Chart – NEW MTP™ What Every Homeowner Needs to Know About Solar […]

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Did you know that FHA views your part-time employment as your primary employment if that is your only job?  This difference between FHA and other loan programs may assist some of you with a shorter part-time work history, such as parents returning to work after having children, that need that extra income to qualify for a home. Contact me with your income questions before shopping for a home!

Related Article Title: FHA Distinction Between Part-Time & Secondary Employment Question: My co-borrower was a stay-at-home Mom for a few years and recently went back to work as a part-time employee.  How many months is required on this job before we can use the income? Mortgage Income Analyzer™ – Part -Time Employment Answer: While it’s […]

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There’s a rumor going around! FHA used to allow those purchasing a home to refinance their car, pull out the equity and use that as a down payment. They do not allow that anymore, but there are other ways to help you come up with a down payment.  Let’s talk and start mapping out your plan to own a home. It may be easier than you think!

Related Article Title: Refinancing a Car for a Mortgage Down Payment Question: Can a borrower refinance a car and use the equity for a down payment on an FHA loan? Answer: Unfortunately, no. FHA requires collateralized loans to be taken against a financial asset or real estate. See the full guidelines below. Reference: 4000.1, II.A.4.d.iii […]

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Financial obligations that are part of your Divorce Decree, such as child support and alimony, are binding when it comes to financing a home. However, sometimes circumstances change that are not reflected in your Divorce Decree. This is why it’s important for us to talk about your situation before you start shopping for a home!

Related Article Title: Divorce Decree – Documenting a Change of Circumstance Question: A divorce decree states that a borrower is required to pay alimony until ex-spouse is remarried or cohabitates with someone else. The ex-spouse has been cohabitating with someone for 4 years and as such my borrower has not made an alimony payment. How […]

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Divorce Decree – Documenting a Change of Circumstance

Question: A divorce decree states that a borrower is required to pay alimony until ex-spouse is remarried or cohabitates with someone else. The ex-spouse has been cohabitating with someone for 4 years and as such my borrower has not made an alimony payment. How do I document this so that the liability is not counted? […]

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