For maternity leave, short term disability and similar types of temporary leave can be allowable depending on when the borrower is going back to work and depending on whether they are receiving income while they are on leave. It's best to contact me directly with your scenario so I answer specifically.

The answer is a possible yes. With FHA financing, the borrower must deposit all of the money into their bank account and the lender must determine if the accumulation of funds is reasonable based on the time period of which the funds were saved in conjunction with the borrower's income stream, spending habits, monthly expenses and history of using financial institutions. For most financing types, cash from wedding gifts, tips and sales of large items such as cars or recreational vehicles can be used with the proper documentation. Always ask your loan officer what documentation will be needed to use your cash on hand.

A mortgage payment is classified as late or delinquent if it is not paid in the month that it is due. For example, if your payment is due on April 1st and is not paid before May 1st; then the payment is delinquent and this can effect your ability to qualify for your next mortgage loan. This matter when the lender is looking at your mortgage payment history. Now, don't confuse this with a 30 day late payment that can register on your credit report. The credit bureaus classify a late payment as any payment that has not been paid within 30 days of is due date. A payment that was due on May 1, could be marked as "late" on your credit report if it has not been paid before May 31st.

With FHA financing, for first time home buyers and low to moderate income earners, boarder income can be used to help qualify. You will need proof of rent received for at least 9 of the most recent 12 months. Additional documentation includes: Proof that the boarder's address matches the borrower's and a written agreement outlining the boarding terms and intent to continue renting. The income that can be used is the lesser of the 12 month average of boarder income received or the current rent amount documented in the written agreement. The rental income cannot exceed 30% of the borrower's qualifying income.

The answer is yes! We generally must verify you have sufficient assets in your retirement account to pay your monthly distribution for at least 3 years and we will need to verify the account and the monthly distribution with at least one to two months of statements. If it is a new distribution, we may need to verify receipt of the first payment before closing on the loan, depending on your loan type.

The overall answer is yes, with some caveats. We will ask questions such as if you have worked in this line of work previously and what your overall work history is. We will need a copy of the signed offer letter and we must verify your start date. Depending on the type of pay (hourly wage vs. salary) we may need 30 days of employment history on the new job before you can close on your loan. BUT… we may only need the offer letter and a paystub post closing as it depends on your loan type. Either way, we should be able to make it work and if you have questions, just ask!

YES, YES, YES! All loans allow seller some percentage of seller credits. The catch is the percentage that is allowed. Generally speaking, 3% is allowed across all loan types, but more may be allowed in certain scenarios. For more info, just click the "Contact Me" button at the top of the page!

Yes! In most cases, you can. We will use the cash value (not the face value) as assets to help you qualify for your loan if needed.

For FHA, the answer is yes. But for Fannie Mae, the answer is no; however, the employer can offer assistance in the form of a loan from an established program they offer all their employees.

With a VA refinance loan, you can borrow up to 100% of the current value of the home, but you must meet one of the VA required net tangible benefits.

For FHA, you with a legal agreement, you only need to document 3 months of receipt and 3 years of continuance. For voluntary paid support, you need 12 months of documented receipt.