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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 days 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 12 days 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 13 days ago
I have a couple that are very good friends of mine and they would like to buy a home of their own. It would be just the two of them living in this home. 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 then 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)

Joe Wallace answered a question
Answered 17 days ago
Can we use an FHA loan that we are already pre-qualified for if we pay cash for the house?
Kathy Green Asked:
We are trying to purchase a lower priced home (50-60,000) In this hot seller's market we are beat out again and again over the last 3 years. We can pay cash to be more competitive but we can leave our cash in the house?

My husband is in a... (more)
Joe Wallace Answered:
FHA loan amounts are calculated based on the sale price of the home or its' appraised value, whichever is lower. In general, FHA forward mortgages do not permit cash back to the borrower except for bona fide refunds for money that was paid up... (more)

Joe Wallace answered a question
Answered 18 days ago
Can an existing mortgage payment be withheld from DTI calculation where another source of mortgage payment is verifiable?
Anonymous User Asked:
I am still on a mortgage with my ex-spouse, who has resided in the house that we share a mortgage on, and has paid for it solely and on time for the past 6 years. That house and mortgage are also deeded to my ex-spouse in a quitclaim deed in our... (more)
Joe Wallace Answered:
The answer depends greatly on the laws of your state, lender standards, and the legal status of your obligation on the original loan at the time you apply. If the lender views the arrangement mentioned in your question as a "contingent... (more)

Joe Wallace answered a question
Answered 20 days ago
Can I bring in my son as FHA co-borrower for our refinance even though he lives in another house?
Vicente De Gorostiza Asked:
Can I bring in my son as FHA co-borrower for our refinance even though he lives in his own house?
Joe Wallace Answered:
What kind of FHA refinance loan are you considering?

Joe Wallace answered a question
Answered a month ago
Can a home with a part-time cistern be FHA-approved?
Linda Schurr Asked:
I found a home in really good shape that needs an appraisal. It uses a cistern about 3 months out of the year. Does this home still qualify for FHA?
Joe Wallace Answered:
FHA loan rules in HUD 4000.1 state:

"The Appraiser must report when water to a Property is supplied by dug wells, cisterns or holding tanks used in conjunction with water purchased and hauled to the site. The Appraiser must report whether such... (more)

Joe Wallace answered a question
Answered a month ago
In WI, a homeowner can chose to have their taxes paid to them and the tax office?
Pam Cobb Asked:
Will the FHA allow a homeowner to have the check made out to them and the tax office, and the homeowner takes the check to the tax office to pay the taxes?
Joe Wallace Answered:
Can you be more specific? What are you trying to accomplish and with what kind of taxes? Any additional information will be a big help with the answer to your question-thanks!

Joe Wallace answered a question
Answered a month ago
How do my deferred student loans affect FHA financing?
Kim & Henry Abghari Asked:
I have a lot of student loans but they are in deferment. Do they count against my debt to income? Also is the Nelnet summary/mortgage verification form enough documentation?
Joe Wallace Answered:
FHA loan rules in HUD 4000.1 state that the lender must have documentation showing the status of your student loan. Furthermore, "Regardless of the payment status, the Mortgagee must use either:
the greater of:
- 1 percent of the outstanding... (more)

Joe Wallace answered a question
Answered a month ago
I am refinancing my home. Do I have to have PMI?
William Ogee Asked:
I am refinancing my home for $91,000.00 it appraised for $280,000.00. Do I have to have PMI?
Joe Wallace Answered:
What kind of loan are you applying for? FHA? Conventional? VA?

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