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deb miller
a year ago
I am pre-approved for an FHA first time home buyer.
I have made and offer and acceptance on a home.
FHA has done the appraisal.
FHA has done the final inspection.
My income, rent and credit reports and employment have been verified.
Paperwork has been sent to underwriter.
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Best Expert Answer
Joe Wallace
a year ago
That may depend greatly on circumstances. For example, FHA loan rules in HUD 4000.1 that cover "Expected Income" state: "Income is calculated in accordance with the standards for the type of income being received. The Mortgagee must also verify that the Borrower will have sufficient income or cash Reserves to support the Mortgage Payment and any other obligations between mortgage closing and the beginning of the receipt of the income."

That's on page 207 of HUD 4000.1. Lender standards may also apply, so if your lender requires that reserve as a condition of loan approval, the discussion would be between you and the lender, as opposed to any applicable FHA loan requirements.
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