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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 2 hours ago
We purchased our home in 2011 on an FHA 30-year and did an FHA streamline in 2013 to lower the rate. Can we get the PMI cancelled on our loan or do we have to wait the full 5 years?
Marie Baker Asked:
Home purchased in 2/2011 for $124900.00 Streamline refinance Only done in 2/2013 to lower rate. Currently we owe just over $100k and the market value is $180k approximately. That puts us well under the 78% ltv can we cancell PMI?
Joe Wallace Answered:
Bruce Reichstein answered a similar question regarding LTV and PMI a while back, here is his response:

"Certain rules were in place for FHA insured loans pertaining to cancellation of the Annual Mortgage Insurance Premium (MIP) for case numbers... (more)

Joe Wallace answered a question
Answered 4 days ago
Can I run a home based business out of a house with FHA Loan?
jezter10000 . Asked:
I just got my house with an FHA Loan and would like to run my Massage Therapy business from my house which is permissible by the city I live in but is this allowed by FHA rules?
Joe Wallace Answered:
FHA loan rules in HUD 4000.1 do address this issue, stating, "The non-residential portion of the total floor area may not exceed 49 percent. Any non-residential use of the Property must be subordinate to its residential use, character and... (more)

Joe Wallace answered a question
Answered 6 days ago
Qualifying for a 203(k) loan.
keith owen Asked:
We had a bankruptcy chapter 7 that included our house 2 years ago, later on we did a short sale on the house. We've saved a down payment and closing costs. How long do we have to wait to qualify for a 203k loan.
Joe Wallace Answered:
12 months to two years is the minimum waiting time for a Chapter 7, starting at the time the bankruptcy is discharged. Three years from the time of the short sale. Lender standards may also apply.

Joe Wallace answered a question
Answered 18 days ago
Credit Score of 550
Betty Kerrigan Asked:
My son in law wants to purchase 10 acres of land, which includes a 3 bedroom\2 bath mobile home. He has been at his job for 12 years, but has no credit. He'd like to put 10% down. He's 57 years old and would be a first time home buyer. Would... (more)
Joe Wallace Answered:
FHA loan rules state that borrowers with FICO scores below 580 are required to put 10% down. However, lender standards are often higher, usually in the mid 600 range. FICO scores won't be the only factor for loan approval-credit/payment activity... (more)

Joe Wallace answered a question
Answered 25 days ago
Foreclosure on my credit due to a lien from a contractor.
Anonymous User Asked:
I’m currently living in Eau Claire Wisconsin, in a rented home. I was a home owner in Puerto Rico four years ago.

Before to starting living at Wisconsin (year 2013), I had my home in Puerto Rico on sale with the buyers with a loan approved.

As... (more)
Joe Wallace Answered:
FHA loans are available from participating lenders. You can fill out an online form at http://www.fha.com to be put in touch with a participating lender who can discuss your needs. (FHA.com is a private company, NOT a government agency and is not... (more)

Joe Wallace answered a question
Answered a month ago
Co-borrower assets
Matthew Merritt Asked:
Are co-borrowers income/debt summed if they are not married?
Joe Wallace Answered:
Can you be more specific? What kind of loan are you asking about?

Joe Wallace answered a question
Answered a month ago
I owe the IRS and have not started a payment plan. Will this prevent me from obtaining a FHA Loan?
Anonymous User Asked:
I was told that I had to show that I have made 3 consecutive monthly payments before the loan would get approved. My husband and I filed as married but separate to obtain a tax break because we have no eligible tax deductions. I started working a... (more)
Joe Wallace Answered:
FHA loan rules in HUD 4000.1, page 136, say the following:

"Tax liens may remain unpaid if the Borrower has entered into a valid repayment agreement with the federal agency owed to make regular payments on the debt and the Borrower has made... (more)

Joe Wallace answered a question
Answered a month ago
Why can't I use an FHA Loan to buy a Cash Only home?
Avery Gordon Asked:
I'm trying to buy the perfect home for me for about $28,000. The seller's agent does not list this home as a Cash Only sale, but insists that she won't sell it any other way. This home has been listed for 280 days now. Why can't I buy... (more)
Joe Wallace Answered:
If you're asking why the seller won't accept any other form of payment, you would need to discuss that with the seller. If you're asking why FHA loan rules would not permit you to arrange the purchase of the property in a way that would... (more)

Joe Wallace answered a question
Answered a month ago
Actual Social Security Card?
Lesley Hudson Asked:
I am a permanent resident living in Texas. After 20 years I have no idea where my card is. I can not request a replacement online because I am not a citizen of the USA. I have my number but I am being told by my lender that it is an FHA requirement... (more)
Joe Wallace Answered:
FHA loan rules in HUD 4000.1 page 131 state: "Each Borrower must provide evidence of their valid SSN to the Mortgagee."

You can apply for a replacement Social Security Card by mail, for free, using the following form from the Social... (more)

Joe Wallace answered a question
Answered 2 months ago
I have a couple that are very good friends of mine and they would like to buy a home of their own. The problem is their credit score is very low and they were wondering if they might qualify for the Obama Plan?
Can someone qualify for a loan if they have a low credit score?
Can someone qualify for a loan if they have no collateral other than vehicles?
Can someone qualify for a loan if they have no savings accounts?
Can someone qualify if they have credit... (more)
Joe Wallace Answered:
FHA loan minimum credit score requirements are 580 or above for maximum financing, between 500-579 for financing with 10% down. Lender standards may (and often are) higher than these FHA loan minimums. It is strongly advised to be current on ALL... (more)

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