Real estate blog entries tagged with using rental income to qualify for new mortgage by Illinois Financial Advisor Greg Zaccagni (Farmers Insurance)

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Home : Blogs : Illinois Financial Advisor Greg Zaccagni : Greg 's Blog : Tag "using rental income to qualify for new mortgage"

using rental income to qualify for new mortgage: FHA enacts policy changes to deal with "buy & bail" behavior - 09/24/08 09:11 PM

Due to FHA's concern that some homebuyers in these transactions may attempt to provide misleading information regarding the rental income of the property being vacated to qualify for the new mortgage, FHA is instituting underwriting guidance designed to assure that the homebuyer can make payments on the full debt service of both mortgages.
until further notice, the underwriting analysis may not consider any rental income from the property being vacated except under circumstances described herein.
Rental income on the property being vacated, reduced by the appropriate vacancy factor as determined by the jurisdictional FHA Homeownership Center (see http://www.hud.gov/offices/hsg/sfh/ref/sfh2-21u.cfm) may be considered … (1 comments)

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Illinois Financial Advisor Greg Zaccagni

Wheaton, IL

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Farmers Insurance

Address: Dupage, Kane, Cook County etc.., Wheaton, IL, 60189

Cell Phone: (630) 853-8555

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