Income

FHA – Using Foster Care Income to Qualify

Question: Can foster care income be used to qualify as income? I found something on the Internet that said it could be. Answer: The internet can be helpful but also a dangerous place as the results can be old manuals or outdated information. That’s why subscribers count on Mortgage Currentcy to keep them up to [...]

2019-08-23T15:20:49-05:00August 26th, 2019|

Fannie Mae – Auto Allowance & Mileage as Income

Question: My client has received an auto allowance and mileage every month for 3 years. Can I use this as income, or use it to offset his auto debt? Answer: You would not be able to use the mileage rate.  Fannie Mae stripped that out of their guidelines in 2018 due to changes in the [...]

2019-08-23T15:42:24-05:00August 26th, 2019|

Freddie Mac – Fraud Alert – Phantom Employers

Written by: Lloyd Rutherford, Staff Writer When the bad apples commit fraud, it causes the rest of us to suffer with more rules, additional scrutiny, and borrowers who tell us we ask for too much information. Read this article about the latest fraud issue uncovered by Freddie Mac. Rule Synopsis: Freddie Mac issues their second [...]

2019-08-09T13:32:22-05:00August 12th, 2019|

USDA – Confusion regarding Chapter 9 Underwriting Rules

Written by: David Hail, Staff Writer Our USDA expert talked with the Washington DC office directly to clear up confusion caused by some guideline clarifications released this year. Find out what they had to say in this article. Rule Synopsis: USDA made some Chapter 9 revisions this year that resulted in confusion among lenders and [...]

2019-07-09T10:49:59-05:00July 10th, 2019|