How To Get A Loan With Foster Care Income...

 

If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.

Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services.

To prove this income we would need…

• Letters from the organizations providing the income.

• Copies of the borrower’s signed federal income tax returns that were filed with the IRS, or

• Copies of the borrower’s deposit slips or bank statements that confirm the regular deposit of the payments.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Who Can And Can't Give A Gift On FHA Loans...

 FHA gift questions come up often.

I wanted to give you the rules on FHA gift giving. Here ya go…

Acceptable gift donors for FHA loans…

1) Borrower’s relatives.
2) Borrower’s employer or labor union.
3) A close friend with a clearly defined and documented interest in the borrower.
4) A charitable organization.
5) A governmental agency or public entity that has a program providing home ownership assistance.

Unacceptable gift donors for FHA loans…

1) The seller.
2) The real estate agent or broker.
3) The builder or an associated entity.
Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Who Can And Can't Give A Gift On FHA Loans...

 FHA gift questions come up often.

I wanted to give you the rules on FHA gift giving. Here ya go…

Acceptable gift donors for FHA loans…

1) Borrower’s relatives.
2) Borrower’s employer or labor union.
3) A close friend with a clearly defined and documented interest in the borrower.
4) A charitable organization.
5) A governmental agency or public entity that has a program providing home ownership assistance.

Unacceptable gift donors for FHA loans…

1) The seller.
2) The real estate agent or broker.
3) The builder or an associated entity.
Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog