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Joe Wallace
FHA Mortgage Writer
Joined: September 17th 2015
Freelance social media consultant & manager, editor and writer. Clients include VALoans.com, DD214.com, BAI.org.


--BAI.org Payments Connect Conference and Expo 2011
--VALoans.Com Facebook community (2009-present)
--DD214.org Facebook setup and initial campaign (2009-2010)
--BAI.org Retail Delivery Conference and Expo 2011
--BAI.org Retail Delivery/Payments Connect Show and Expo 2012
--BAI.org Retail Delivery 2013
--VALoans.com on ActiveRain Real Estate Community campaign (2010-present)
--Turntabling.net Instagram campaign... (more)
My Company
Our blog is brought to you by the knowledgeable group of counselors at FHA.com. Our team specializes in advising our customers about the value of FHA mortgage loans.

Our complimentary pre-approvals give you the comfort you need to shop for your home with confidence. Pre-approvals involve our reviewing your information and letting you know whether approval by a lender is likely. We make getting an FHA mortgage loan fast, easy and convenient.

After we receive your information, we will put you in touch with mortgage issuers and / or brokers who are interested in processing your loans.
My Activity
Joe Wallace answered a question
Answered 7 days ago
Can I use my Post 9-11 GI Bill to pay for my Federal Parent Plus Loans?
Vernon Davison Asked:
I have confirmed I am eligible for the Post 9-11GI Bill but I was unable to transfer that benefit to my children because the VA said you can only transfer it when you are active duty. Now I a 86K in debt from Federal Parent Plus Loans with interest... (more)
Joe Wallace Answered:
That's a question you will need to direct to the Department of Veterans Affairs at their toll free number, 1-800-827-1000. They would be the agency to make the final determination about how the GI Bill funds may be used.

Joe Wallace answered a question
Answered 2 months ago
I would like to apply for a home loan, however my student loans are in collection.
Chasity Mathis Asked:
I have been paying on them for the last 6 months. I have a repo on my credit. Will this completely stop me from being approved for a home loan?
Joe Wallace Answered:
The answer will definitely depend greatly on a variety of factors including the type of loan you are applying for (FHA, conventional, etc) and also whether you are in a satisfactory repayment program and can show that in writing. The repo issue is... (more)

Joe Wallace answered a question
Answered 2 months ago
Can you borrow more than the asking price of the home if appraised higher?
Jessica Bramlett Asked:
If the asking price of the home 90K but it's appraised for 125K, can borrow the full amount of 125K?
Joe Wallace Answered:
What kind of home loan are you asking about? FHA? Conventional? VA?

Joe Wallace answered a question
Answered 2 months ago
Can a roomate's SSI payment be included with my Social Security payment in qualifying for an FHA loan?
Norma Rosado Asked:
For the past five years I have been receiving Social Security payments. Six months ago I was laid off from my job. I spoke to one of your representatives and they said I could use my Social Security payments as income. My roommate receives SSI... (more)
Joe Wallace Answered:
Would your roommate be a co-borrower or co-signer on the loan?

Joe Wallace answered a question
Answered 3 months ago
Is Roseburg Oregon an approved area to get a FHA loan?
Anonymous User Asked:
I understand that FHA loans are given in rural areas. Is there a list of areas that are available for that type of loan?
Joe Wallace Answered:
Are you thinking of USDA loans? Those home loans are for homes in rural areas, where the FHA loan program is for any qualifying property that meets FHA minimum standards. You can learn more about eligibility and approved areas for USDA loans at:... (more)

Joe Wallace answered a question
Answered 3 months ago
What are the 'well inspection' requirements for financing?
Janice Horsman Asked:
the UW wants our well inspected--what form or format do we use to satisfy the question?
Joe Wallace Answered:
That would likely depend on requirements of the local health authority (in some cases where drinking water quality is concerned, a letter from that authority may suffice, depending on circumstances) with jurisdiction and lender standards-what does... (more)

Joe Wallace answered a question
Answered 3 months ago
Home loan after Chapter 7 BK and low credit scores. How long after contacting a FHA counsler, has anyone succesfully been approved?
b herrera Asked:
Low credit score, collections but good income.
Joe Wallace Answered:
FHA loan rules in HUD 4000.1 state:

"A Chapter 7 bankruptcy (liquidation) does not disqualify a Borrower from obtaining an FHA-insured Mortgage if, at the time of case number assignment, at least two years have elapsed since the date of the... (more)

Joe Wallace answered a question
Answered 3 months ago
I req a rate mod in 2012 on my FHA loan that originated in 2005 and PMI req had already been fulfilled...
Kathie Wygant Asked:
-instead of a mod they redid my loan again for 30 yrs and added PMI again. No new appraisal was done and I was well below my LTV-should I have been charged PMI again? I am told I have to pay this again for another 5 yrs. I think I was ripped... (more)
Joe Wallace Answered:
Do I understand your question correctly that the finance company did not do a loan modification but rather refinanced your loan? What is the date of the new loan?

Also, what type of loan did you get refinanced into? FHA, conventional? That would... (more)

Joe Wallace answered a question
Answered 3 months ago
Are there any non refundable fees for an FHA Loan?
Lisa Capone Asked:
I submitted an application for an FHA Mortgage and going through the process now. I had a Home Inspection done and there are major fire/safety/hazard issues and I was thinking of walking away from the deal if the Seller doesn't agree to fix... (more)
Joe Wallace Answered:
It may depend on what the $500 fee is for--what does the lender say about the purpose of the fee?

Joe Wallace answered a question
Answered 3 months ago
I need rehab money for property transferred to me that will be 2d home with rental space. What type loan option is available?
Anonymous User Asked:
Property located in North Carolina, 3 bedroom 1 Bath needs total rehab, plan is to further build out and attach an apartment on existing structure/ land. What is required of me to get funded?
Joe Wallace Answered:
Are you looking at conventional loan options? FHA? What type are you considering?

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