Archive for January, 2011

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A client emailed me today stating he went back to work July2010. Prior to that he had gone to taken a break from work to get back to school to acquie a special certification which advanced him in his career. He was fretting about how this would affect his qualifying. Here’s what i told him
FHA typically requires at least 6 months unbroken continuance at work AFTER a significant job gap. So he’s fine. Nonetheless , he’d have been ok regardless even after 30-days since (i) he has proof of special education/cert. relevant to his new job and (ii) a previous job history PRIOR to the break for education.

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For another whole year, through Jan 2012!
What does this mean exactly ?
Homes that were purchased (by Investors) and resold aka “flipped” (usually for profit) . . will be allowed with certain restrictions even if the home is being resold within 90-days of the Seller (investor) acquiring it.

This helps the housing market by providing affordable financing with flexible terms for thousands of homes which would otherwise only be financeable with CONV or other types of financing.

Subscribe to receive the full report from HUD on the specifics on this!

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Rashawn McNeal at Keller Williams called me today asking if her client (a Veteran) can use his VA Entitlement to purchase the home he’s under contract for. He was under the impression he couldn’t because he got a VA loan back in the 1970′s.
Good news is: VA loans can be repeated time after time under certain conditions.
Since this particular client owns/paid off the home he purchased with a VA loan, as long as he continues to own that home, he can have that entitlement “restored” ONCE so he can buy another home. Condition is he needs to have paid off the loan. (i.e. free & clear )
However . . .watch this . . if he no longer owned that home he purchased using his VA entitlement, then he can have that entitlement restored time after time without restriction.

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