One of the keys to being able to use your VA home loan benefits in California is being able to document your income to qualify for a VA home loan.  For active military members it is fairly simple, you will just provide your most recent LES, and VA h

FHA Loan Requirements For Income Documentation is a post from: FHA,VA and Conventional Home Loans in all 50 States

One of the keys to getting a FHA home loan in California is being able to document your income to qualify for a FHA home loan.  Below are some keys to documenting your income:

• Generally you need to be able to verify two years of employment history to qualify for a FHA loan, but there are MANY exceptions to this:
  • If just out of college you just need to be on the job about a month if you job is in you field of study
  • If just back on the job after being unemployed or for maternity/paternity leave you generally just need to be back on the job 6 mos (in this case you would need to verify two years of employment before your gap in employment
• Overtime and bonus the last two years must be averaged
• Part time work, FHA guidelines state you must have had it for two years to count it
• Commission income must be averaged over the last two years
• Unreimbursed business income must be subtracted from borrowers income for FHA loan qualification
• Alimony and child support can be counted as income for FHA loan approval
  • Must continue for three years, need to document with divorce decree
  • Evidence receipt the last 12 mos
• Self-employed borrowers or 1099 independent contractors
  • Last two years of federal tax returns required and NET income of the last two years will be averaged

So those are some keys related to income to qualify for a FHA home loan in California.  Please give us a call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions about your income or would like to get approved for a FHA loan in California.

Below are some of the very most up-to-date highlights of FHA loan in California:

• FHA loan interest rates are still near 60 year lows
• FHA loan limits in many California areas such as Los Angeles, Orange County, San Jose, San Francisco and San Diego go up to $729,750 or close to this.
• FHA loan requirements allow for higher debt-to-income ratios than conventional loans
• FHA loan credit score does not have to be perfect and we can assist you with working on raising your score

Regards,

Rob Chomentowski

Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist)

858-922-7899

homeloan8@gmail.com

As many of your probably have found out, getting a home loan these days if you are self-employed is not easy.  This article will discuss what to look out for in getting a VA home loan in California if you are self-employed. When you are a self-em

Get FHA Loan on 2-4 Unit Property in California is a post from: FHA,VA and Conventional Home Loans in all 50 States

FHA loan guidelines allow for very generous financing options for buying a duplex, triplex or fourplex with a 3.5% down FHA loan in California.  This can be a great way for a business minded home buyer to get started with a property that will turn into a great investment over time.

Below are some of the FHA loan requirements for qualifying for a 3.5% down FHA home loan on a 2-4 unit property in California:

• You MUST occupy one of the units as your primary residence.  FHA loans are NOT investment loans and are only for owner occupants
• FHA loan limits for many Coastal California areas such as Los Angeles, Orange County, San Jose, San Francisco and San Diego go up to:
  • $932,400 for a duplex
  • $1,129,250 for a triplex
  • $1,403,400 for a fourplex
• The FHA loan down payment is 3.5% only IF the total gross rents from all the units (even the one you will occupy) is equal or greater than the total housing payment (mortgage + property taxes + homeowners insurance).  If the total housing payment is higher than the gross rents, you will have to increase your FHA loan down payment until the gross rents are equal or great to the total housing payment
• You can use 85% of the gross rents from all the units you do not occupy as income to qualify for the loan

So those are some of the major FHA loan requirements to qualify to buy a 2-4 unit property with a FHA loan in California.   Here are some of the advantages to buying a 2-4 unit property with a FHA loan in California:

• The income from the other units could pay most if not all of the housing payment and you could live for free or close to that
• In a few years you could move out of the 2-4 unit property and you would have a nice investment for retirement with a low FHA 30 year fixed loan rate

So please give me a call at 858-922-7899 or send me an email at homeloan8@gmail.com if you have any questions about buying a 2-4 unit property in California with a FHA loan.

Below are some of the most up-to-date advantages of FHA loans in California:

1. FHA loan rates are still near 60 year lows
2. FHA loan down payment is only 3.5% and can be a gift from a relative
3. FHA loans allow for non-occupant co-borrowers to help you qualify
4. FHA loan qualifications are the most flexible with debt-to-income ratios

Regards,

Rob Chomentowski

Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist)

858-922-7899

homeloan8@gmail.com

Because California is a "community property" state, VA loan requirements in California require the spouse of a VA borrower's credit to be checked even if they are not going on the VA loan as a co-borrower.  The good news is that VA financing does no

Watch Out for Unreimbursed Business Expense Deductions When Get FHA Loan in California is a post from: FHA,VA and Conventional Home Loans in all 50 States

A common surprise item that cause a FHA loan to be declined as a total surprise to the FHA loan borrower, are form 2106 unreimbursed business expenses deductions reducing that FHA borrowers income to qualify for a FHA loan.   A FHA borrower can think they have the income to qualify for a FHA loan, and then once the FHA borrower’s federal tax returns are reviewed and unreimbursed business expenses are deducted from the FHA borrower’s income to qualify, they no longer qualify.  FHA loan requirements require unreimbursed business expenses deductions to be deducted from the income used to qualify.

So if you want to get a FHA loan this year to buy a house in California, you may want to be aware when you prepare your 2010 tax returns that 2106 unreimbursed expenses with be deducted from your income to qualify for a FHA loan.   So if you earn $80,000 a year in salary, but you have $30,000 in unreimbursed expenses, FHA loan requirements will only count $50,000 in income to qualify for the FHA loan.  This FHA loan requirement can really totally surprise FHA borrowers who thought they were good to go to qualify for a FHA loan.

What the FHA loan mortgage lender will do is generally take your unreimbursed expenses from the last two years tax returns, average that amount, and then subtract that average from your income.  So once again, just keep this in mind when you apply for a FHA loan in California.

Below are some of the latest up-to-date benefits of FHA loans in California:

• FHA loan guidelines only require 3.5% FHA loan down payment and this can be a gift from a relative
• FHA loan limits go up to $729,750 in many parts of California including Los Angeles, Orange County, San Jose, San Francisco and more.  This FHA loan limit would allow you to buy a property for $756,ooo.  San Diego FHA loan limit is $697,000.
• FHA loan credit score does not need to be perfect.  We are specialists in assisting FHA borrowers in California repair their credit to be able to buy a home in California
• FHA loan guidelines are much more flexible than conventional loans with debt-to-income ratios

So please don’t hesitate to give us a call at 858-922-7899 or email at homeloan8@gmail.com to discuss getting approved for a FHA home loan in California.

Regards,

Rob Chomentowski

homeloan8@gmail.com

Sr. Loan Officer (FHA, VA, USDA, Homepath and conventional loan specialist)

858-922-7899

Get FHA Loan in California After Six Months Back on Job is a post from: FHA,VA and Conventional Home Loans in all 50 States

This home in the Vista area of San Diego California is an example of the the excellent deals available now in the coastal areas of California that can be financed with zero down VA financing with VA interest rates still hovering around 60 year lows.

Get FHA Loan 3.5% Down to Buy This $269,000 San Diego Remodeled Home is a post from: FHA,VA and Conventional Home Loans in all 50 States

This is the type of property available now in Coastal areas of California such as San Diego where your housing payment would be possibly less than rent.  And not even close to rent when you take into account the tax write-off of mortgage interest and property taxes and then principal pay down of the loan balance every month with a 30 year fixed FHA loan.

So give us a call 858-922-7899 or email homeloan8@gmail.com if you would like to be pre-approved for a FHA loan to purchase a home in California.

Here are some of the latest advantages of FHA home loans in California:

• FHA loan down payment is 3.5% and this can come from a gift from a relative
• FHA loan rates are still hovering at 60 year lows
• FHA loan limits in many parts of California such as Los Angeles, Orange County, San Jose, and San Francisco go up to $729,750.   In San Diego FHA loan limit is $697,500.
• FHA loan credit score does not have to perfect.  Give us a call or email we are specialists in assisting borrowers to raise scores to where they need to be

Regards,

Rob Chomentowski

homeloan8@gmail.com

Sr. Loan Officer (FHA, VA, USDA, Homepath and conventional loan specialist)

858-922-7899

A common surprise item that can derail a VA loan approval as a total surprise to the VA borrower are form 2106 unreimbursed business expenses deducted on a tax return.   A VA borrower can think they have the income to qualify for a VA loan, and then