Common FHA Loan Questions in 2020
While FHA Loans are some of the easiest types of mortgage loans to qualify, it’s not always cut and dry. Here are some questions we’ve answered for other borrowers on FHA mortgages.
In addition to documents that verify your income and assets, you would need a two-year employment history as well as proof of down payment.
As long as you’ve got a signed offer letter stating a employment start date, you can use the new job’s salary for qualifying for a mortgage. It’s called expected income under FHA guidelines.
75% of the total market rent (aka pro forma) for all the units has to be more than the total monthly mortgage payment. That total payment includes: principal, interest, taxes, mortgage insurance (PMI) and any other insurance (like homeowners insurance).
For buying a home for your in-laws, you wouldn’t qualify as an owner-occupant for this FHA loan, but you could still be a non-occupying co-signer for your parents/in-laws IF they were also to be on the loan.
FHA streamline is a type of refinance where both income documentation and an appraisal are NOT required
FHA requires a two-year employment history, but it does not need to be in the same position or with the same employer. They’re going to look at the cumulative job history and the will qualify you at that new salary amount.
As long as you plan to occupy the home yourself, you’re free to rent out any extra bedrooms, the couch, whatever you want.
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