The straight answer is “yes” but how long will you have to wait to get an FHA loan after these derogatory events? Well… Read More »Can You Get an FHA Loan After a Bankruptcy or Foreclosure?
Collections are credit accounts that have not been paid over a period of time. FHA defines collection accounts as “a Borrower’s loan or debt that has been submitted… Read More »How Do Collection Accounts Affect A Mortgage Application?
In the context of establishing a borrower’s DTI or debt to income ratio, departure income is defined as income derived from leasing out your current… Read More »Departure Income FHA, VA, Fannie, and Freddie
Thinking of purchasing a three or four unit residential building using FHA financing? It’s a great opportunity. FHA allows one-unit to four-unit purchases for only 3.5% down payment. FHA defines a three or four unit property as “a single family residential property with three or four individual dwellings”.
There are two basic differences from a financing an FHA one or two-unit property versus an FHA three or four-unit property.
A manual underwrite by FHA standards is when a loan applicant cannot obtain an Approve/Eligible status through the AUS (Automated Underwriting System) and was considered… Read More »New 2019 FHA Manual Underwriting Guidelines – What You Need to Know!