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Common FHA Loan Questions in 2019

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.

What documents are needed for an FHA loan?

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.

Any issues qualifying for an FHA loan with a new job?

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.

What is the FHA loan “Self Sufficiency Test” for 3-4 unit properties?

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).

If only my wife is on our primary residence’s FHA mortgage, can I get an FHA loan to purchase a home for our in-laws?

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.

What is a FHA Streamline loan?

FHA streamline is a type of refinance where both income documentation and an appraisal are NOT required

Does switching jobs and companies count against the 2 years of steady employment required for an FHA loan?

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.

Can I buy a home with an FHA mortgage and rent out the spare rooms?

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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The Turnkey Foundation, Inc. d/b/a Arbor Financial Group is an Equal Housing Lender. In all jurisdictions, the principal {NMLS: 236669} licensed location is 2932 Daimler Street, Santa Ana, CA, 92705. {Julie Aragon MLO #250691}