May 24, 2020

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Articles Tagged With: FHA 203

FHA Home Loan Approval Rules And Income Verification

FHA Home Loan Approval Rules And Income Verification

Can all of your income be used to qualify for an FHA mortgage? If you need to buy a home soon, it’s important to understand home loan approval rules, especially in times of economic uncertainty. There are some forms of income that don’t qualify to be counted as “verifiable income” for the purpose of establishing the borrower as a good candidate for loan approval. There is specific criteria for the kinds of earnings you can use to qualify, and specific criteria for the types of earnings that the lender cannot count as part of your monthly predictable pay. Understanding those income rules is very important, especially now. Many Americans are receiving unemployment, government stimulus checks, and other financial resources. But not all money can be used toward your verifiable income, | more...