Category: FHA QUESTIONS AND ANSWERS

BANKRUPTCY / FORECLOSURE APPROVALS

BANKRUPTCY / FORECLOSURE APPROVALS  BANKRUPTCY / FORECLOSURE CHAPTER 7 – The  FHA mortgage applicant may still qualify for a new FHA mortgage after declaring Chapter 7 bankruptcy if at least 24 months have passed since the bankruptcy discharge date. The FHA mortgage applicant must also have re-established proof of timely payment history or have opted to incur…

Read More

Can I get an FHA mortgage with bad credit?

Does FHA require a minimum credit score and how is it determined? The FHA mortgage applicants is not eligible for FHA-insured financing if the Minimum Decision Credit Score (middle credit score ) is less than 500. If the middle credit score is between 500 and 579 the FHA mortgage applicants is limited to a maximum…

Read More

Can a person have 2 FHA mortgage loans at the same time?

Can a person have 2 FHA mortgage loans? FHA mortgage lenders will not insure more than one Property as a Principal Residence for any FHA mortgage applicant, except as noted below. FHA mortgage lenders will not ensure a Mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a…

Read More

Are copies of tax returns required for FHA mortgage applicants with self-employment or commission income?

Are copies of tax returns required for FHA mortgage applicants with self-employment or commission income? For self-employed FHA mortgage applicants, the lender must obtain complete individual federal income tax returns for the most recent 2 years, including all schedules. The FHA mortgage applicants’s business tax returns for the most recent 2 years must also be…

Read More

How to get an FHA mortgage with disputed accounts?

Disputed Credit Derogatory Credit Account refers to disputed charge off accounts, disputed collection accounts, and disputed accounts with late payments in the last 24 months.   If the credit report indicates that the FHA mortgage applicant is disputing derogatory credit accounts, the FHA mortgage applicant must provide a letter of explanation and documentation supporting the basis…

Read More

How are debts paid by another person considered for an FHA mortgage?

How are debts paid by another person considered for an FHA mortgage? A contingent Liability refers to a liability that may result in the obligation to repay only when a specific event occurs. For example, a contingent liability exists when an individual can be held responsible for the repayment of a debt if another legally…

Read More

Do FHA Mortgage Lenders Allow Collections?

Do FHA Mortgage Lenders Allow Collections? A Collection Account refers to an FHA mortgage applicant’s loan or debt that has been submitted to a collection agency by a creditor.   If the credit reports used in the analysis show cumulative outstanding collection account balances of $2,000 or greater, the lender must:  •     verify that the debt…

Read More
FHA Mortgage Lenders By State: 
Florida   Texas  Georgia  Alabama   California  

Latest pages

Serving These Fine Texas Cities

About Us

We are US Mortgage Lenders. Major real estate brokerages regularly entrust their clients to our team due to our reputation for transparency, delivering on time, customer satisfaction and loyalty. With five-star customer reviews on Zillow.com and counting, you’re assured of having the backing of an experienced team.

Thomas Martin 954-667-9110 reviews

US Mortgage Lenders LLC ©2015 All rights reserved. NMLS#1108258

All MATERIAL ON THIS WEBSITE IS FOR EXAMPLE HYPOTHETICAL PURPOSES ONLY AND SHOULD NOT BE RELIED ON FOR DECISION MAKING.

Show Buttons
Hide Buttons