FHA will allow 85% of either market rents (determined by appraiser if unit is vacant) or 85% of actual rents. It is not specific to any lenders it is a FHA guideline. Only if you are not buying owner occupied would you have to prove renal experience to use rental income to qualify. If you have any further questions I have been lending (not a broker) on FHA loans for 18+ years, give me a call (508)989-4295.... more
As long as your degree was in the field that you currently work in you will be fine. For example: I have a similiar situation where some one got an accoutning degree this past December and has been a CPA for 6 months, while in college he worked here and there in the company and for internships making minimal money, but it counted as the experience and the 2 year history. If you have more quesitons please feel free to contact me (508) 864-6064... more
I am currently working on an investor who owns 7 properties and I have a few lenders portfolio that are helping me refinance some and others do cash out. Obviously this is a tricky situation but doable with a little work. Call me if you have any questions.