A reader asks, "Can I apply for an FHA loan after just one year of commission based pay with a cosigner?"FHA loan rules require all borrowers to be obligated on the loan to financially qualify, which would include verification of both employment and income. A co-signer or co-borrower may not be a...

10/28/2016

Mold Standards: An FHA Loan Question

0 Comments

A reader asks, "Does the EPA or the FHA have the responsibility for setting the TLVs for mold spores in the air? What if the mold count is higher outside than inside?"The FHA does not set or regulate such health issues, deferring instead to federal, state, or local authority where applicable. Acc...

10/23/2016

Residency And Occupancy: FHA Loan Rules

1 Comments

FHA loan rules have requirements for both U.S. residency for potential borrowers, and occupancy for approved borrowers. Did you know that HUD 4000.1 states that an FHA loan applicant does not have to be a U.S. citizen in order to apply for an FHA mortgage or refinance loan?U.S. citizenship is not...

10/16/2016

Natural Disasters and FHA Loans

2 Comments

Natural disasters are a serious issue for home owners, whether they have just closed, paid off their mortgages, or are somewhere in between. When a hurricane strikes, when flood waters rise, or when other acts of nature threaten, damage or destroy homes, many aren't sure where to turn or what to ...

10/09/2016

Rainmaker
475,098