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.
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