Posts Tagged “FHA mortgage california”

If you’re getting married and plan on a Bridal Registry, there’s good news for you.
You can set up a ‘Downpayment Registry’ and have family and friends dump some cash in there for you which can later be used towards the FHA required Downpayment on a Home! This isn’t a new program at all; . ..it’s been around since 1996
But homebuyers are taking advantage of it m

ore these days due to the difficulties involved with putting enough money away for a home purchase in this tougher economy. In fact in 1997 HUD came forward with further clarification which streamlined the program.
Here are the essentials:
(i) Open a ‘Downpayment Bridal Registry’ called a ‘Bridal Registry Account’ Bank account. This account is a custodial savings account where all deposits made are used to fund the down-payment on a home.
(ii) Give your family & friends the account information.
(iii) Even cash deposits into that account are acceptable!
(iv) You don’t have to use ALL the money that ends up in the account towards your home purchase.
(v) You don’t even need to be married before you close on your home to use the money that accumulates in that account.
(vi) The typical FHA restriction of sourcing of funds whereby the relationship between the homebuyers and the Gift-Giver, proof of where the funds came from and other annoying procedures, are bypassed. All that’s needed is a Lender & Borrower certification! Cash is fine too!
(vii) The only folks excluded from being able to deposit money into that account are those that are party to the transaction.
(viii) Good news for those single homebuyers also! This convenience isn’t just for people getting married. The FHA allows their gift registry to be used for any other ‘special’ occasion for which gift funds might typically be received by someone including Graduations, Birthdays and so on.
Contact the featured Loan Officer or Real Estate Agent on this Blog for more details!

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When someone has entered the U.S and chosen to reside here, they are considered a “Resident Alien”.
However there are two labels for folks that have come to stay.

(i) “Permanent Resident Alien” – A non-resident alien is a lawful permanent resident of the U.S. at any time if they have been given the privilege, according to the immigration laws, of residing permanently as an immigrant. This status usually exists if the Bureau of Citizenship and Immigration Services has issued a green card. In actuality, there are no differences in terms of Lending guidelines , between Permanent Resident Aliens and U.S.-born Citizens.

(ii) “Non-Permanent Resident Alien” – typically these are people that arrived on a J-1 or F-1 Visa. They may be students, or be working under I.N.S authorization. If they are working with an Employer Sponsored Visa, they have no limit on their US residency.
However if they’re working with a Non-Employer-Sponsored Visa they have to show at least 1 yr history of U.S. residency.

So here are the rules when applying for FHA financing:

The non-permanent resident alien
(i) must be applying for a loan to purchase a principal residence
(ii) must show an Employment Authorization Document (EAD) from BCIS (US Bureau of Citizenship & Immigration Services)
(iii) must possess a valid Social Security Number (SSN)/card- plz note a Taxpayer ID# (TIN) will NOT be allowed.
(iv) must show an Authorization For Temporary residency – if this is about to expire within 12 months and there has been no prior history of renewals, then the FHA Underwriter must determine the likelihood of renewal based on information from the BCIS
(v) must show 2yrs Federal Income tax returns for proof of income

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