Articles and news about FHA loans and HUD requirements. FHA loans are great for first-time homebuyers.

Category Archives: Debt Ratios

FHA Loans and Alimony/Child Support

A reader asked a question in our comments section about FHA loan rules for alimony and child support payments: “What is a voluntary payment agreement? I am divorced its a closed case and I actually pay a little more than ...

FICO Scores And FHA Loan Approval

How do FICO scores affect your FHA home loan application? A reader got in touch this week to ask a question in this area: “Hello, my credit score is between high 500s, low600s. I make $8,000 a month. My mother ...

Temporary Reduction of Income: FHA Loan Rules

What happens if a borrower fills out an FHA loan application while having a temporary reduction of income either on the record or ongoing during the application process? Does the FHA loan rule book, HUD 4000.1, address these situations? Fortunately, ...

Commission Income and FHA Loans: A Reader Question

A reader asked about the FHA loan rules governing commission income this week in our comments section: “My employer recently (1yr) switched the pay scale to a base/commission/bonus format. Basically we now get paid per load instead of hourly. Since ...

FHA Loan Rules For Part-Time Income

A reader asked us a question in the comments section this week about part-time income and how it may or may not qualify as verifiable income for an FHA loan. The reader asks: “My file is with the underwriter for ...

Late or Missed Payments and FHA Loan Applications

mortgage loan and business debt

If you look at recent headlines, it’s easy to see indications that the U.S. economy is trying to improve. The Fed is discussing interest rate hikes after a long period of measures to shore up the economy after the financial ...

Mortgage Markets and FHA Loans

At the beginning of 2017, Forbes.com published a housing outlook for 2017 which included predictions from experts about what could happen this year. Three months into the new year, how accurate were some of the highlights of this piece? How ...

Back Taxes And FHA Home Loans

Are unpaid back taxes a liability when it comes time to applying for an FHA mortgage or refinance loan? A reader asks, “I am currently paying back taxes on a payment plan but have filed all appropriate tax returns. Is ...

Alimony and Child Support: FHA Loan Rules

FHA loan rules permit alimony and child support to be counted as verifiable income for borrowers who receive it. Like all other sources of income, the rules in HUD 4000.1 state the lender is responsible for verifying the income through ...

Are You Ready For An FHA Mortgage Application?

mortgage loan and business debt

If you are thinking about filling out an FHA mortgage application, there are a few questions to ask yourself before you do-if you’re ready to apply for an FHA loan, you’ll have the answers ready. How Much Down Payment Money ...