FHA Mortgage Guidelines:  For the Professional

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FHA Mortgage Guidelines

The FHA guidelines on this site are intended for the professional in the mortgage industry: mortgage underwriters, mortgage processors, and loan officers.  This site is intended as a guide only.  Please use caution as every lender has the authority to make determinations as to what is or is not acceptable in the grey areas or in the strength of the borrower, for their company.  Hey, it is their portfolio and their investors that take precedence.  

In addition to the prerogative of each investor, HUD makes changes to the guidelines often.  We try to keep up to date with  HUD but if you have concerns please visit the hud.gov web site as they are the one, the only,  and the final authority.  We can offer no guarantee to the accuracy of the information contained here.  All of this information is available in the HUD 4155.1 Rev 5 handbook and is available on their web site.

Wondering about the Housing and Economic Recovery Act of 2008?  Click here: FHA Modernization Act of 2008.

Today's market is in a constant state of change.  When major changes occur I send out an email or newsletter.  If you would like to be included just fill out the form on the Newsletter page.  I don't share or sell your address and I don't send out junk email.

We all know the average American family needs a high LTV mortgage to get into a home of their own.  HR 3221 eliminated the FHA down payment assistance program (all politics) and now the HR 6694 is trying to re-establish the down payment assistance program.  Who would have thought?  Please excuse my cynicism regarding our politicians.  You can learn more about the benefits and guidelines at:  HR 6694 Mortgage Guidelines.

There is another mortgage product that offers 100% LTV and flexible guidelines.  It is a government guaranteed mortgage.  Check out the guidelines here:  100% Housing Mortgage

FHA Borrower Eligibility:

Primary Borrowers:

Borrower must have a Social Security Number be able to document a satisfactory 2 (two) year history of credit, income and assets.

Permanent resident aliens are eligible under the same terms as United States Citizens. The borrower must show evidence of Green Card information.

Non-permanent resident aliens may be eligible if satisfactory evidence of legal residency and ability to work in the United States is documented.

  1. Borrower must be the primary resident only.
  2. Borrower must have a social security number and a satisfactory 2-year credit profile, income, assets, and credit.

Occupying Co-Borrowers:

Co-Borrower must take title to the property and sign the note and mortgage documents.

Co-Borrower must complete a loan application and a complete underwriting of income, credit and assets is required. The co-borrower will be qualified the same as the primary borrower.

The co-borrower cannot be a person who is a third party to the purchase transaction: seller, realtor, builder, or appraiser.

Non-Occupying Co-Borrowers:

A co-borrower who will not occupy the property, but is being added to the loan application to strengthen the profile is permitted.  Maximum  financing is available under the following:

  • The Co-Borrower must be a close family member or demonstrate a long-standing family relationship with the primary Borrower. If no such relationship can be verified, the LTV cannot exceed 75%.
  • The subject property is a single family detached, PUD, or an approved condo unit.
  • Co-Borrower must have a primary residence in the United States of America.
  • A complete credit underwriting analysis will be performed for the non-occupant co-borrower. The income, assets and debt will be included in the loan information and will be weighed equally with the borrower.



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