Understanding FHA Spot Approval: Condominium Eligibility Process Explained For the past 15 years, if you were looking to purchase a condo using FHA insured financing, the entire condo development needed to be FHA approved. However, exceptions can be made to secure a “spot approval” for a single condo unit within that development One of the…
Borrowers who do not receive an automated approval from the lender may need compensating factors to help qualify for an FHA loan. FHA compensating factors help borrowers to qualify when the loan application may not fully meet the standard approval requirements. We will take you through the various types of FHA compensating factors that can…
FHA Loans for Seniors Senior citizens can qualify for an FHA loan if their retirement income is sufficient to qualify for the mortgage. Many people believe that seniors cannot qualify for an FHA loan due to the employment requirements. However, no job is needed for seniors because their retirement income is a valid substitute for…
FHA Seasoning Requirements There are specific FHA seasoning requirements which may limit your ability to refinance or require you to wait before moving forward with an FHA refinance. What is Loan Seasoning? Loan seasoning is a requirement set by loan guidelines or lenders whereby a homeowner must wait a specified amount of time after the…
W2 Only Mortgage Options Many home buyers apply for a mortgage but only have W2’s for the past two years. It could be that tax returns were not filed or the IRS is behind in their processing. You can get approved for a W2 only mortgage if you meet the basic criteria and if the…
FHA Child Support Income Requirements If you are applying for an FHA loan and you are receiving child support, you can use those payments as income to help with your FHA loan approval. The FHA guidelines will allow child support income to be used if those payments will continue for the next three years. FHA…
FHA Commercial Loan for Mixed Use Properties You can buy a mixed use or commercial property with an FHA loan if at least 51% of the property is being used for residential housing. An FHA commercial loan is for the purchase of a primary residence that also has a legal commercial or mixed use space…
FHA Loan Down Payment Requirement FHA loans are designed to help home buyers who may have low credit scores, limited income, and very little cash to close. One of the benefits of purchasing a home with an FHA loan is the very low down payment requirement. The FHA loan down payment requirement is 3.5% for…
FHA Loan Eligibility There are very specific FHA loan eligibility guidelines that borrowers should be aware of when purchasing or refinancing a home with an FHA loan. FHA loans may be the easiest mortgage to qualify for if you are eligible for the program. This guide will help you to determine whether you are eligible…
FHA Loan Income Requirements Many home buyers ask how much income is needed to purchase a home or to qualify for an FHA loan. The answer will vary based upon many factors including the price of the home, property taxes and other debt on your credit report FHA guidelines require all income to be consistent,…
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