Posted on: 06th Feb, 2009 05:42 pm
Under FHA I have a rental property with just 6 months collection, but did not deposit into my bank account.
Is there a ruling on counting rental property or not.
Lender quoted me saying that if I could not produce deposits, my rental would not count and I must qualify for both mortgages..and would be disqualify under FHA rule . If such ruling exist need help on topic loan in process
Is there a ruling on counting rental property or not.
Lender quoted me saying that if I could not produce deposits, my rental would not count and I must qualify for both mortgages..and would be disqualify under FHA rule . If such ruling exist need help on topic loan in process
Hi Mrthomasb,
I think you're asking for the new FHA guidelines regarding rental property. The guidelines are based on the situation of Buy and Bail. This is where homeowners purchase another property with a new mortgage in order to stop paying the loan on their previous homes. So, FHA has come up with the new rules as per which you can rent out the first home and buy another with a new loan under certain conditions only.
You will find the new FHA guidelines at http://www.realtor.org/diversified_re_firms/20081101_buy+and+bail .
good luck
I think you're asking for the new FHA guidelines regarding rental property. The guidelines are based on the situation of Buy and Bail. This is where homeowners purchase another property with a new mortgage in order to stop paying the loan on their previous homes. So, FHA has come up with the new rules as per which you can rent out the first home and buy another with a new loan under certain conditions only.
You will find the new FHA guidelines at http://www.realtor.org/diversified_re_firms/20081101_buy+and+bail .
good luck
Thanks
Ihave a guy who has a history of rental properties, wanting to buy a primary but just purchased another investment before we closed on primary, can I use the rental income even though he has yet to declare on his tax returns?
sharon, i gather you are an originator or a realtor or a processor or some other mortgage industry functionary.
what your guy is going to have to do is to present you with the lease(s) for that property, and document precisely what the monthly installment is on the mortgage. keep in mind that it's all up to the underwriter eventually, so you might not be benefitted by this.
what your guy is going to have to do is to present you with the lease(s) for that property, and document precisely what the monthly installment is on the mortgage. keep in mind that it's all up to the underwriter eventually, so you might not be benefitted by this.
I have qualified for a fha loan and now the seller wants to rent back for 3 months. My broker is telling us the most he can rent back is 60 days what can we do to extend for another month
The FHA legal documents that you sign at closing state that you will occupy the property within 60 days of closing.
Those legal documents can not be changed.
Since you will not be living there, why not just close a month or 45 days later. Then the seller just needs to rent from 45 to 60 days.
Those legal documents can not be changed.
Since you will not be living there, why not just close a month or 45 days later. Then the seller just needs to rent from 45 to 60 days.
