FHA Gift Funds Guidelines FHA home loans have a minimum down payment requirement of 3.5%. FHA Guidelines also permit those funds to be gifted to the borrower from an approved source such as a relative or close friend. The down payment used for an FHA loan cannot come from another loan or a source where …

FHA Loan with 1099 Income   Home buyers who earn 1099 income often find it difficult to qualify for a mortgage. The FHA guidelines for 1099 income are clear in that you are able to qualify if you can meet the criteria and provide the necessary documentation. Can I Qualify for an FHA Loan with …

Getting an FHA Loan With a Part Time Job Today’s home buyers have various sources of income and the days of the traditional 9 to 5 job are becoming a distant memory. People are multiple sources of income and many people have a part time job either as a supplement to their full-time income or …

FHA Back to Work Program What is the FHA Back to Work Program? The FHA back to work program is a special FHA home loan that helps borrowers with a financial hardship by reducing how long you need to wait to get an FHA Loan after you file for bankruptcy, have a foreclosure or a …

Can I get an FHA Loan for a Second Home? FHA loans guidelines are very strict when it comes to the area of occupancy. The guideline state that an FHA loan is intended to be for your primary residence only. However, there are ways to purchase a second home with an FHA loan. Can I …

FHA Loan with Medical Collections Most collections or charge offs on your credit report will negatively impact your ability to qualify for a mortgage. In some instances, you may still qualify but for a lesser amount if the unpaid balances are being counted against you in your back-end debt to income ratios (DTI). Can I …

FHA Rules for Homes in a Flood Zone Many consumers are shopping for a home that may be in a FEMA designated flood zone. If you plan to have a mortgage on the home in a flood zone, you will likely need flood insurance. However, you also need to determine whether you are able to …