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Effective September 14, 2015, guidelines for FHA lending will be updated/revised. The following are some of the key points to note.
- Gaps of employment must be addressed of six months or more. Current income may be considered if the borrower has been employed in the current job for at least six months at the time of FHA case number assignment and a two year work history prior to the absence from employment using standard employment verification.
- Deferred obligations must be included in the borrower's liabilities. Written documentation of the deferral must be obtained from the creditor along with evidence of the outstanding balance, terms and anticipated payment.
- Boarder income (rented rooms) is only acceptable if the borrower has a two-year history of receiving income from the boarders and it is shown on the tax return and the borrower is currently receiving boarder income.
On September 14th, I will be co-hosting a CFPB/TRID continuing education class starting at 9:15 am, Central Library, Virginia Beach. Agents will receive two hours of CE credit. Space is limited, please let me know if you would like to attend.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients. Please remember, I am licensed in Virginia, North Carolina and Florida.
Jennifer Keenan, Senior Mortgage Consultant
757.366.8690 - jkeenan@tidewaterhomefunding.com
NMLS# 101837, Licensed in Virginia, North Carolina & Florida
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