FHA Section 245(a) - A Hidden Niche?

Real Estate Agent with Mason Real Estate CA BRE 01444168

Now I am a REALTOR and do not pretend to be an expert on the loan side of the real estate industry.  I often rely on the SEARCH feature of ActiveRain to find details on topics I want to research.  Well, today I drew a near blank.

You see, I was spending some time researching changes in the industry that took place on January 1, 2010 and ended up at the FHA site.  Scrolling through a list of articles published by the FHA I found something that was very intriguing and actually fascinated me once I looked deeper at the section 245(a) loan...

FHA Growing Equity Mortgages
FHA Mortgages for Homeowners with Increasing Income

It just turns out that I have a client relocating from Las Vegas to my little burb.  The problem they have is not credit or cash...it's income.  You see, the husband is an entertainer working in a Vegas production and the wife is a stay-at-home-mom.  Well, they are giving up the glamor of show-biz to come home and work the family business, which promises to be very lucrative, but there is no track record of qualifying income.

Well, now I just may be able to find the right home for them to BUY and not force them to rent for a year - paying more in rent then they would on a Hemet or San Jacinta CA mortgage.

So, for all of the FHA Experts here in the ActiveRain Community...I'd appreciate some feedback.

Posted by

Until Next Time, Have a Blessed Day,

John Occhi, ePRO, REALTOR®
DRE Lic No: 01444168

ePro,John Occhi,www.johnocchi.com,realtor      Certified Probate Real Estate Specialist Logo Awarded to John OcchiFive Star Logo,Certification,REO,Five Star Institute     

Excellence in Real Estate,Team Log,John Occhi,www.johnocchi.com,hemet,san jacinto,CA  

This blog and the contents written here is the intellectual property of John Occhi, Temecula - Murrieta, CA REALTOR® in the South West Riverside County region of the Inland Empire of Southern California.  The views and opinions expressed are just that - views and opinions of John Occhi and those who comment.  Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance. 

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

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Realtors Needing the services of the Lending Powers
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Suzy Morris
The Morris Team - Carlsbad, CA

John - when you get your feedback- please blog again about it!

Jan 03, 2010 08:06 AM #1
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

Isn't it amazing the resourses we have here on ActiveRain?  I'm off to check out your links!

Jan 03, 2010 08:55 PM #2
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Steve Kappre may have written about this, I was just doing my reciprocation and clicked on something about self employment income.

Jan 03, 2010 11:49 PM #3
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

John, I'm going to bookmark this one and keep checking back to read the answers.  Sounds pretty interesting.

Jan 04, 2010 02:19 AM #4
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

Post more when you know more...interesting. Which classes did you take in camp today and what were the main things you learned? I just posted my highlights to share!

Jan 04, 2010 08:38 AM #5
Gina Pogol

Just so you know, FHA.com is not the FHA site; it's a commercial one like www.fhaloanpros.com. The official  site for FHA info is http://portal.hud.gov/portal/page/portal/HUD/federal_housing_administration

Jul 05, 2010 10:16 AM #6
Eric Peltier
Eric Peltier - Premier Mortgage Group - Boulder Colorado - Boulder, CO
Mortgage Lender in Boulder CO

It is my understanding that this product still exists with FHA, but no investor will touch it.  It neg-ams for a few years.  As you may imagine, neg-am is a very dirty word nowadays.

Eric Peltier

Premier Mortgage

May 17, 2011 05:48 AM #7
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John Occhi

SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
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