Posted on: 15th Sep, 2010 06:44 am
Quick question if you dont mind, I am an employer who has an employee that owns a home currently and the home is worth less than the current loan, she is looking to buy a new home and rent the first, she has excellent credit and has been denied some income for an fha loan, they wont consider her rental of the old house as income as well as her basic pay has jumped to about 61k this year form around 35k in the past two years, is there anyway to sign some sort of affidavit that she does now make this income and or get the rent included as income. She has at this point basically been turned down to purchase a 210k house with 35k down. Thanks Eric
How much does she owe on the other home? What is her monthly payment. Due to the LTV, she can't use the proposed monthly income but, they should be able to use her increase in pay.