Tag: FHA

Will Government Agencies Allow Marijuana Income?

Question: Do any of the Government loans (FHA, USDA and VA) allow the use of W-2 income from a Borrower who works at a Marijuana company? This person is not a grower or distributor and all of their income is derived from W-2 income. Answer: As government entities, FHA, VA and USDA currently will not […]

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Are Reserves Required on Reverse Mortgages?

Question: I have a 3-Unit Reverse Mortgage and am being asked to provide reserves.  Is this required by FHA? Answer: Per the HECM Guidelines and Financial Assessment Guide, there are NO listed requirements for reserves on any, one-four family units when underwriting a HECM.   On a regular FORWARD mortgage, yes, that would be a HUD guideline […]

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Believe it or not, there are some very driven high school graduates from trade schools who are gainfully and well employed in their trade. There are mortgage loan programs that will count your time in high school as part of your employment history. So, if this sounds like your situation, let’s talk and discuss how you can build a plan to become a homeowner vs. a renter.

Believe it or not, there are some very driven high school graduates from trade schools who are gainfully and well employed in their trade. There are mortgage loan programs that will count your time in high school as part of your employment history. So, if this sounds like your situation, let’s talk and discuss how you can build a plan to become a homeowner vs. a renter.

Related Article Title: FHA High School as Employment History Question: My client has been employed for 1 year and previous to that was a high-school graduate. Will his time in high school count as his employment history? Answer: FHA will allow only one year of employment (and even no job history in the case of […]

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When you are buying a home, one of the biggest determiners of your credit health to a lender is your credit score. Some people think that you need a really high score to qualify for a home loan, but that’s not true. There are great programs that work with clients who have lower credit scores. Curious? Let’s chat and I will happily answer your questions!

When you are buying a home, one of the biggest determiners of your credit health to a lender is your credit score. Some people think that you need a really high score to qualify for a home loan, but that’s not true. There are great programs that work with clients who have lower credit scores. Curious? Let’s chat and I will happily answer your questions!

Related Article Title: FHA Minimum Credit Score Question: Does FHA have a minimum credit score requirement? Answer: No. The only credit-score-based limitations that FHA has (for all transactions) are below. However, it is possible that you have secondary market overlays that require a 620. Reference: 4000.1 If the Borrower’s Minimum Decision Credit Score is at […]

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If you receive Foster Income, some home loan programs will allow you to use this income and some will not. Contact me before you start shopping for a home, and we’ll sort through your situation!

If you receive Foster Income, some home loan programs will allow you to use this income and some will not. Contact me before you start shopping for a home, and we’ll sort through your situation!

Related Article Title: Will FHA or Any Other Agency Allow Foster Care Income? Question: If my client has been receiving foster care income for over 8 years and the income is from the State, can I use this income to qualify the borrower? Mortgage Income Analyzer™ – Foster Income Answer: FHA (and USDA Rural Housing […]

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