All Forum Posts by: Michael Cohen

nice. I'll keep in mind if ever it's an investor I can't assist!

if you are a non-occupying owner on the current home, you don't need to refi to conventional in order to purchase a new home with FHA.

@Brandon Blankman - No, there is no waiting period. But the bigger issue is this: FHA loans do allow you to own another home, however, in order to use the rental income from the other home, one of the following must be true:

1. The new home is at least 100 miles away from the existing home
2. There must be a legitimate need for the purchase of the new home:

• Family growth (child, parents coming to live, etc.)
• More "reasonable"  commute to work - will be examined so can't be 5 miles away

Typically, VA loans require occupancy within 60 days. However, there are a few exceptions and PCS orders are definitely one of those exceptions. You will have to provide:

1. Official orders pulling you away from your duty station
2. Sign document that you INTEND to occupy the home as your primary residence

@Jerry Padilla - isn't EX-C Reno just a Prime Lending marketing term for FHA Streamline?

Thank you for the shout-out, @Stephanie P. !

@Jay Sechowicz - I'd be happy to help you figure out the best strategy.

Hi @Rajat -

The minimum length of self-employment income is least two years. The only caveat is if the income is derived from self-employment in the same line of work in which you were previously employed, then 1-year minimum is acceptable.

@Letisia Crespo - All conforming (meaning they conform to, or adhere to, the guidelines set forth by the loan insurer, be it Fannie Mae, Freddie Mac, Housing and Urban Development (FHA), Dept. of Veterans Affairs, or Dept. of Agriculture (USDA).

Unless a lender is not conforming, they must follow the same rules on calculating student loan debt - as well as all other guidelines.