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I have been working in education but not a certified teacher. I have been offered a job in a different county but have been told that I need to have my first paycheck before we close. We cannot put off the closing for many reasons. Can a contract with projected income be sufficient?
I have been working in education but not a certified teacher. I have been offered a job in a different county but have been told that I need to have my first paycheck before we close. We cannot put off the closing for many reasons. Can a contract... (more)
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Kenny Gordon
13 hours ago
I'm looking to buy a house. My discharge was October 2016. When can I buy a house?
I'm looking to buy a house. My discharge was October 2016. When can I buy a house?
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A Curious User
2 days ago
We are looking at property in the rural area. The home is over 3,000 sqft. and sits on 6.2 acres. We will be putting a very large downment, but need the assistance of an FHA loan. Wondering if acreage is going to be an issue.
Best Answer:
Lender standards would apply, so you will need to discuss the situation with a loan officer to see what might be possible in your specific circumstances. FHA loan rules do address what is described as "excess land" but state law and lender... (more)
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Our income is last year was $75,000 but it'll be less this year. We are renting and reside in the same place since 2011.
Best Answer:
FICO scores and income are only part of the qualifying criteria for a home loan-your debt-to-income ratio will be examined, along with debt repayment history and the likelihood of your current income to continue. Lender standards will also apply in... (more)
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A Curious User
8 days ago
I am trying to find out if the VA offers this type of loan.
Best Answer:
Are you asking about a new purchase loan? Or are you looking for cash-out refinance loans? A VA loan is intended for owner-occupiers only, so if the loan is permitted you will need to certify that the property securing the loan is your primary... (more)
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Brian G
15 days ago
I owner occupy a Duplex that I purchased using my VA Loan. I'd like to now use an FHA Loan to buy a Triplex. Based on what I am charging my tenant I am extremely confident that I will be able to get that same amount as rent from another tenant when I move out of that unit. Problem is a "well meaning friend" has told me that I can't count the potential rental income of that unit unless I purchase a triplex that's at least 100 miles away!

I can see if i already had an FHA Loan and I was trying to get another FHA loan on top of that where this restriction would come in, but I don't have an FHA Loan?

Can anyone verify this, perhaps with a link?
Best Answer:
FHA loan rules in HUD 4000.1 (available for download from the FHA/HUD official site, www.FHA.gov) page 216 states the following:

"Rental Income from other real estate holdings may be considered Effective Income if the documentation requirements... (more)
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A Curious User
22 days ago
Can the appraisal fee for my FHA purchase count towards part of the 3.5% required down payment?
Best Answer:
The appraisal fee cannot be used as part of the down payment-the borrower's 3.5% down is required, according to HUD 4000.1, as a separate payment. Hope this helps!
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A Curious User
22 days ago
The 2nd home is closer to the college where he will be attending. We cannot pack up and leave the area where I have my employment at this time. I do not have a first mortgage as my primary residence is only rented.
Best Answer:
At least one borrower obligated on the mortgage note must occupy the property purchased with an FHA mortgage as the primary residence for at least one year, according to HUD 4000.1, page 140. Hope this helps! Additional lender standards and state law... (more)
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My partner and I (not married) purchased a home earlier this year in California with an FHA loan (under my name). We would like to have joint ownership of the home on paper, but for credit reasons we chose to secure the loan under my name. We were told that we could simply fill out a quitclaim deed after the loan closed, but I am getting conflicting information about whether or not this is possible with an FHA loan. How should I go about adding him to the title? Thanks!
Best Answer:
That may depend greatly on the laws of your state. You may need to speak to a lawyer with expertise in this area in your state.
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A Curious User
25 days ago
We have a friend who is in the process of purchasing her first home and is applying for an FHA loan. She has been told conflicting things about obtaining a grant from the Down Payment Plus program. Can you help shed some light on this?

Thanks.
Best Answer:
I can't speak to the specific program you're mentioning, but in general all gift funds must meet the following standards as listed in HUD 4000.1 for FHA home loan down payment assistance:

Gifts (Personal and Equity) (TOTAL)

(1)... (more)
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