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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 ...
How to Calculate Military Income
Active service military including Reserves are paid with a Leave and Earnings Statement (LES) There can be different types of pay in addition to their base pay. Flight or hazard pay, rations, clothing allowance, quarters’ allowance, and proficiency ...
How to Calculate Overtime, Bonus and Commissions
Overview Overtime, Bonus and Commission income are considered variable income sources. These sources of income normally vary from month to month, and receipt of these is usually dependent of a number of factors. This type of income must be verified ...
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 ...
Appraisal Conditions
If the Appraiser cannot determine that a Property meets FHA’s MPR or MPS, an inspection by a qualified individual or entity may be required. Conditions that require an inspection by qualified individuals or entities include: standing water against ...