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

Social Media Campaigns:

--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... (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 15 hours ago
Can I still get a FHA loan with pending student loan payments?
Sylvia Brown Asked:
I am currently getting a degree with financial aid.
Joe Wallace Answered:
FHA loan rules say it is possible to apply for a home loan while paying on a student loan or having one in deferred status, but you'll be required to furnish paperwork of the loan' status and the lender will need to know specifics such as... (more)

Joe Wallace answered a question
Answered 2 days ago
I purchased my home through an FHA loan. I've been in the home less than 10 years and the roof is falling a part. Do I have any remedy. I am liable for a roof less than 10 years. Urgent!!!
William Kromah Asked:
The property is located at:
1504 Crestline Road
Silver Spring, MD 20904
Joe Wallace Answered:
Have you spoken with an attorney with expertise in real estate law?

Joe Wallace answered a question
Answered 4 days ago
Eliminating PMI
David Cash Asked:
I am trying to eliminate the PMI. My loan is 599,000 while the value of the home is over 1 million. The loan was started in April 2012. Can I eliminate PMI? If so, what steps do I need to take?
Joe Wallace Answered:
Are you asking about private mortgage insurance on a conventional mortgage or the FHA Mortgage Insurance Premium for FHA single-family home loans?
For conventional mortgages, you may need to speak to your loan officer to discuss the private... (more)

Joe Wallace answered a question
Answered 5 days ago
Joe Wallace Answered:
What kind of refinancing loan are you applying for? Conventional? FHA? VA?

Joe Wallace answered a question
Answered 6 days ago
Can I get a home loan in Houston even if I am self employed?
Ahmed Hasan Asked:
I am an independent IT consultant on (1099) status.

I can put 10 - 20 % down on a 400 k home and have a 750 + credit score.

Would I be able to qualify? OR do I need to have a full-time job in order to qualify for the loan?

Joe Wallace Answered:
FHA loan rules in HUD 4000.1 do make provisions for self-employed people. You'll be required to provide tax statements and other documentation of your income, and additional lender standards may apply, but under the rules of the FHA loan program,... (more)

Joe Wallace answered a question
Answered 8 days ago
Can you close 2 FHA's in the same day?
Gerri Reeves Asked:
We are selling our current home that is an FHA and approved for another FHA on the home we are purchasing. We want to simultaneously close these homes, can we do that? Close Current home in the morning and new purchase in the afternoon...in the same... (more)
Joe Wallace Answered:
HUD 4000.1 does not seem to specifically address this issue, but it's likely safe to say that state law and lender standards would be the applicable requirements in such a case. Is your lender the same for both transactions? If so, it's best... (more)

Joe Wallace answered a question
Answered 10 days ago
FHA Programs
Mindy Sulier Asked:
Wondering if there are any programs like the back to work program currently available. Thanks
Joe Wallace Answered:
The Back To Work program has been discontinued by the FHA, but you may find this resource useful-it's a link to the FHA official site for housing counseling: https://portal.hud.gov/hudportal/HUD?src=/i_want_to/talk_to_a_housing_counselor

Joe Wallace answered a question
Answered 13 days ago
Buying first home with low credit score but with low debt.
Is it possible to have a low credit score and still buy a home? We are planning to buy a home in the next year or two. The goal is to pay off all credit cards and everything on the credit report. The only loan we will still have is a car loan 13k.... (more)
Joe Wallace Answered:
You may find that most lenders are looking for FICO score minimums in the mid-600s. Your best bet may be to contact the FHA at their toll-free number (1-800 CALL FHA) and request a referral to a local, HUD-approved housing counselor who can help with... (more)

Joe Wallace answered a question
Answered 15 days ago
Had a bankruptcy in July 2015...but kept the house and FHA mortgage intact..."No Foreclosure".
Dave Williams Asked:
Have clean credit since ... need to sell and buy a new home prior to the 2-year FHA waiting period due to a hot sellers market.
Are there lenders who will handle a new loan for us prior to the 2-year requirement waiting period?
Joe Wallace Answered:
That would depend greatly on the type of bankruptcy, lender standards, and whether your bankruptcy has been discharged yet or not. If your bankruptcy was not discharged, your waiting period would begin the date of the discharge, not the filing date.

Joe Wallace answered a question
Answered a month ago
I was discharged from a chapter 7 2 years ago as of April 5. How long do I have to wait to get FHA financing
bruce morris Asked:
I gave my house back to the bank with a deed in lieu of foreclosure. the bank transferred title in 2011 the first time I paid them money to get it back. The bank never applied my payment to the principle , then came after me again in 2013. I was... (more)
Joe Wallace Answered:
On Deed-In-Lieu, HUD 4000.1 states, "A Borrower is generally not eligible for a new FHA-insured Mortgage if the Borrower had a foreclosure or a DIL of foreclosure in the three-year period prior to the date of case number assignment.

This... (more)

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