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FHA exceptions for multiple FHA loans
Policy Exceptions Eligibility Requirements Relocation A borrower may be eligible to obtain another FHA-insured mortgage without being required to sell an existing property covered by an FHA-insured mortgage if the borrower is relocating, and ...
Get to know automated underwriting systems (AUS)
Systems Matrix Agency Name Acronym Fannie Mae Desktop Underwriter DU Freddie Mac Loan Prospector, Loan Product Advisor LP USDA Rural Housing Guaranteed Underwriting System GUS FHA Technology open to approved lender scorecard Total Scorecard Credit ...
Common special property types
Common special property types are Condos and Manufactured Homes. This is not a full list of all guidelines but a starting point with basic information. Condos FHA The Condo must already be approved through FHA. If not there are two options for ...
Foster care income
Income received from a state or county sponsored organization for the purpose of providing temporary care for one or more children. Verify the income with letters of verification from the organizations providing the income Document a two year history ...
Foreign income
Income that is earned by the borrower while employed by a foreign corporation or in a foreign government and is paid in foreign currency Obtain copies of two most recent years 1040’s Income must be reported on 1040’s or it cannot be used Income must ...