Tag: Rental Income

FHA Mortgagee Letter 2020-24, Revision of Effective Date for COVID-19 – Updated Temporary Guidance for Verification of Self-Employment; Rental Income

Written by: Tracey Rumsey, Staff Writer This article highlights some important temporary guideline changes for FHA loans, especially for clients who are self-employed or have rental income. If you work with FHA loans this is a must-read! Rule Synopsis: Effective dates: Verification of business operations for self-employed borrowers and the rental income guidance is effective […]

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FHA HECM-Reverse Mortgage Updates for August

Written by: Melinda Hipp, Staff Writer Each month our HECM expert brings you the latest updates for FHA-HECM loans.  If this is an area of interest for you, make sure that you stay up to date with the changes by reading this article. Rule Synopsis: HUD issued mortgage letter 2020-24 Temporary guidance for case numbers […]

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Using Future Rental Income on a New Property using a 1031 Exchange

Question: Our client is doing a 1031 exchange and using the proceeds from the old investment property to purchase the new one.  Most of her income is from the rental being exchanged.  Her plan is to rent the new property.  Can we use any future rental income on the new property? MC-Rental Income Chart Answer: […]

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Fannie Mae Selling Guide Announcement SEL–2020-03 – Dated June 3, 2020

Written by: Lloyd Rutherford, Staff Writer This bulletin is FULL of important updates.  Make sure that you read through the various changes that may apply to your business. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced […]

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Documentation Needed When Renting a Departing Residence

Question: My client is moving from his owner-occupied residence and into a new home.  He is intending to rent that property.  I am getting underwriting conditions that require a signed lease, and the first month’s rent upfront at least one to two weeks prior to closing in order to use this as income.  What are […]

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