Full commissioned buyer with 1 year on the job pre-approved: FHA will allow for a borrower to only be commissioned sales for 1 year!
FHA’s new student loan guideline: FHA’s new bulletin announces that lenders can no longer use an IBR (Income Based Repayment) for figuring student loan payments effective 6/30/16! This hurts but there is some good news in the announcement.
When does FHA 3 year foreclosure date start? FHA allows for a foreclosure to be 3 years ago. The 3 years starts on the date which the former home was deeded out of the borrower’s name and the FHA case file number must be assigned 3 years after that date.
- DO NOT quit your job or open any new debts as it could deny your loan! – believe it or not borrowers do this often and it will cause a loan to be denied at the end!
- Pay stubs must identify the employer, employee information, and year to date income and deductions
- Do not deposit cash into your bank account or pay your earnest money deposit in cash!! It can cause major issues with your loan.
- Statements may be actual statements or you can access your online account and choose to “view statements” and then print hard copy or print to a pdf. Must have bank name and account numbers and cannot be a daily history / transaction history
- All banking, investment, and retirement account statements, must have all pages. For instance, if the statement says 1 of 7, we would need all 7 numbered pages even if blank. Often back pages are blank but we don’t know unless we have those pages
- If you notice generic deposits on your bank statements, please give us proof of the source of funds for the deposit. Let us know if you have questions on this documentation
- Make a legible copy of the driver’s license. For clarity of the small numbers, the picture, and dates, it helps to enlarge the copy. A fax copy of a license will not be viewable
- Don’t wait until the end to choose and start talking to your insurance agent. Do this up-front to prevent surprises or delays in the end
- As you receive new paystubs or banking statements, send those to us so that we have the most recent ones in the file at all time
Senior Loan Officer
phone: (502) 905-3708