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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 3 days ago
If I start a new job before we close in the same field but different employer, would I need to have my first paycheck before we can close?
Allison Stevenson Asked:
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)
Joe Wallace Answered:
Unfortunately that's a question for your loan officer to answer since lender standards may vary-if the financial institution you're applying for the loan with permits, you would need to furnish whatever documentation is required by that... (more)

Joe Wallace answered a question
Answered 3 days ago
How do I have to wait to buy a house if I filed chapter 7
Kenny Gordon Asked:
I'm looking to buy a house. My discharge was October 2016. When can I buy a house?
Joe Wallace Answered:
Much will depend on lender standards, state law, and other factors but in general you'll likely have to wait a minimum of one year, possibly two.

Joe Wallace answered a question
Answered 6 days ago
Will FHA approve a home on acreage, 6 acres to be exact?
Anonymous User Asked:
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.
Joe Wallace Answered:
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)

Joe Wallace answered a question
Answered 6 days ago
My husband and I will be 65 this year. We both work. Our credit scores are mid-to high 600s. Do we still qualify?
Malanna Carey Henderson Asked:
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.
Joe Wallace Answered:
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)

Joe Wallace answered a question
Answered 11 days ago
I own a two apartment house that is debt free and appraised at $290,000. I want to use it as collateral for a $115,000 loan. Does the VA have these type of loans?
Anonymous User Asked:
I am trying to find out if the VA offers this type of loan.
Joe Wallace Answered:
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)

Joe Wallace answered a question
Answered 18 days ago
Counting Potential Property Income
Brian G Asked:
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... (more)
Joe Wallace Answered:
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)

Joe Wallace answered a question
Answered 25 days ago
Can I purchase a 2nd home to have my son live in while I remain in the home that I'm renting?
Anonymous User Asked:
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.
Joe Wallace Answered:
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)

Joe Wallace answered a question
Answered 25 days ago
FHA Appraisal Fee
Anonymous User Asked:
Can the appraisal fee for my FHA purchase count towards part of the 3.5% required down payment?
Joe Wallace Answered:
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!

Joe Wallace answered a question
Answered 25 days ago
Can I use a quitclaim deed to add my partner to the title of my home?
Benjamin Anderson Asked:
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... (more)
Joe Wallace Answered:
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.

Joe Wallace answered a question
Answered a month ago
In Wisconsin, can a first time home buyer use the Down Payment Plus program with an FHA loan?
Anonymous User Asked:
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?

Joe Wallace Answered:
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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