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Loan Guidelines

Income

Part time workers must have a solid two years at the current job for income to count.
If the part time worker becomes full time then we just need the first paystub.

Only SSI and SSD are grossed up 125% / Child support and pension are not.

Self employed need to average last two years of tax returns.

Disability

Counted as 125% for loan qualification
Must have been on disability for 3 months and it must continue for at least 3 years

Eligible Properties

1-4 unit primary residences, Planned Urban Developments (PUDs), Approved Condos, Double-wide manufactured homes, and Modular or pre-cut housing are all considered to be eligible. Special eligibility requirements for certain properties are listed below.

3-4 Unit Properties
The 3-4 Unit Property must be self-sufficient. The net rental income must be equal to or greater than the monthly mortgage payment. The net rental income is the appraiser's estimate for vacancies or the vacancy factor used by the jurisdictional HOC, whichever is greater.
Borrowers must still qualify for the mortgage based on income, credit, cash to close, and projected rents received from the remaining units.
Borrowers must have reserves equivalent to three months of PITI mortgage payments. These reserves can not be gifted and must be the borrowers own funds.

Double-wide Manufactured & Single Wide
Must have a floor area of not less than 400 square feet.
Be constructed after June 15, 1976, in conformance with the Federal Manufactured Home Construction and Safety Standards, as evidenced by an affixed certification label.
Be classified and taxed as real estate.
The mortgage must cover both the manufactured unit and its site.
It must not have been installed or occupied previously at any other site or location.
Built and remains on a permanent chassis with all wheels removed.
Affixed to a permanent slab with utility connections.
Land can NOT be rented – the land must be included in the sale.

Rural Properties

Rural properties are FHA eligible however no value can be assigned to any acres above 10. The sales price of the property must rely only on the first 10 acres including the house.

Townhouses

Are considered FHA eligible. But must pass the FHA spot loan test.

Condos

Condos must be FHA approved click here to search approved condo listings:
https://entp.hud.gov/idapp/html/condlook.cfm

Ineligible Properties

If the re-sale date is 90 days or less following acquisition by the seller, the property is not eligible for an FHA mortgage.

Co-ops are ineligible

Commercial properties, boarding houses, hotels and motels, tourist homes, private clubs, sanitariums, and fraternity or sorority houses are also ineligible.

Credit  Alternative

Three tradelines if tier 1
Four tradelines if tier 2

Judgments

Must be paid completely if there are current judgments consider sending to Creditology or Lex.  the borrower has been making regular and timely payments and the creditor is willing to subordinate that judgment to the new insured mortgage. The borrower must provide a satisfactory written explanation.

Bankruptcy

Chapter 7 – Minimum two year lapse period. If BK was from extenuating circumstances other then divorce and these circumstances are not likely to reoccur one year since BK might be acceptable. (so far only death and the like seem to be acceptable)

Chapter 13 - is permitted if a one-year payout period has elapsed and performance has been satisfactory. The borrower must receive court approval to enter into the mortgage transaction

No bad credit after the bankruptcy, No collections, and No judgments – No exceptions!

Foreclosures

Require a minimum of three years since the completion of the action and the borrower must have re-established good credit.

Delinquency or Default on Federal Debt

If the borrower is presently delinquent on any federal debt or is obligated on any type of federal lien, he or she is not eligible for an FHA loan until the delinquent account is brought current, paid, or otherwise satisfied, or a satisfactory repayment plan is made between the borrower and the federal agency owed and is verified in writing.

Collections

Must not total more than $2000. If the amount is higher send to Creditology or Lex  for repair. If this is a refinance then collections in excess of $2000 might be acceptable if they are to be paid off at closing.

Mortgage Lates

None in the last 12 months – extenuating circumstances may apply.

Max Loan Amounts

50k and less 98.75% – //50k to 125k – 97.65% // 125k+ 97.15%

95% for cash out refinances

Do you have Questions? Request a Free Consultation Now – Click Here


















Applying for a mortgage is simple, safe, and secure. Your information will only be sent to your designated FHA Loan Officer.

















Equal Housing

Please note: There are no fees to submit your application or to request your free consultation with an FHA loan officer. These services are provided to you at no charge and no obligations.



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