Comments on: FHA guidelines | foreign income and qualifying http://www.choicefinance.net/blog/2008/07/10/fha-guidelines-foreign-income-and-qualifying/ Choice Finance® Fri, 21 Nov 2008 06:24:07 +0000 http://wordpress.org/?v=2.3.2 By: Choice http://www.choicefinance.net/blog/2008/07/10/fha-guidelines-foreign-income-and-qualifying/#comment-2144 Choice Mon, 27 Oct 2008 22:36:09 +0000 http://www.choicefinance.net/blog/2008/07/10/fha-guidelines-foreign-income-and-qualifying/#comment-2144 Eric, are you a Loan Officer or Processor for Chase? Eric, are you a Loan Officer or Processor for Chase?

]]> By: eric burns http://www.choicefinance.net/blog/2008/07/10/fha-guidelines-foreign-income-and-qualifying/#comment-2143 eric burns Mon, 27 Oct 2008 22:34:54 +0000 http://www.choicefinance.net/blog/2008/07/10/fha-guidelines-foreign-income-and-qualifying/#comment-2143 What items can be added back to adjusted gross income on a tax return? (i.e depreciation, etc) My name is Eric Burns, eburnzy@gmail.com What items can be added back to adjusted gross income on a tax return? (i.e depreciation, etc)

My name is Eric Burns, eburnzy@gmail.com

]]> By: Roland Riemers http://www.choicefinance.net/blog/2008/07/10/fha-guidelines-foreign-income-and-qualifying/#comment-2017 Roland Riemers Tue, 30 Sep 2008 02:54:35 +0000 http://www.choicefinance.net/blog/2008/07/10/fha-guidelines-foreign-income-and-qualifying/#comment-2017 I am in the process of trying to get an FHA home loan and keep running into small and what I consider petty snags. Can you give any advise on these? 1. Because I had a child support judgment against me in 2003, the FHA underwriter insists that I now have to PROVE I no longer owe child support (which was discontinued in 2004). I have given them copies of the court orders, and even the full list of my child support payments from the state Child Support Agency, but they keep saying not enough. They want a "friend of the court letter" stating I owe no back child support. But, in my state the clerks of court no longer administer Child Support, the state agency does. So the clerk of court just throws her hands up into the air and can not help me. Why should I also have to prove I owe no back child support when there is nothing in the credit report or court records showing that I do? Will I next have to show I owe no child support to my first wife who I divorced 40 years ago? 2. I have a judgement for attorney fees from my state for my company supposively discriminating against the poor. I paid the $1,300 fine, but have not completed the mandated classes for me and my employees over the next 5 years. FHA maintains the who judgement has to be satisfied, both monethary and non-monetary. The judgement is also under appeal and I expect it to be overturned by the state supreme court in about 3 months, so we have not started the mandated classes. 3. Each time I show a transaction, FHA wants a copy of the cancelled check, plus a copy of the bank statement. This also applies for third parties, who pay me money, to which I must then ask them to give me a copy of their cancelled check, and 30 days of their personal bank statement. In one case, after getting the third party's cancelled check and bank statement, they had a question about a transaction he had from another one of his accounts, and are now demanding a 30 day copy of that account as well. This individual has told them to basically stuff it. I agree, and think this is getting to be an invasion of privacy of third parties. 4. In another case, I had given the realator $500 in cash for earnest money. The FHA stated cash was not allowed. So I later had to recover the $500 in cash, write a check from my personal account, and then get a copy of the cancelled check and another bank statement showing the transaction. Frankly I think this is very stupid. 5. In another case, a long time associate gave me $50 in earnest money so he could rent my existing house. The FHA again demanded a copy of the cancelled check and a 30 day bank statement from this individual. For $50? It seems like these folks are trying to act like forensic account investigators, but don't have the faintest idea what is really important. No wonder the mortgage market is in such bad shape with these num-nuts calling the shots. Roland Riemers of North Dakota I am in the process of trying to get an FHA home loan and keep running into small and what I consider petty snags. Can you give any advise on these?

1. Because I had a child support judgment against me in 2003, the FHA underwriter insists that I now have to PROVE I no longer owe child support (which was discontinued in 2004). I have given them copies of the court orders, and even the full list of my child support payments from the state Child Support Agency, but they keep saying not enough. They want a “friend of the court letter” stating I owe no back child support. But, in my state the clerks of court no longer administer Child Support, the state agency does. So the clerk of court just throws her hands up into the air and can not help me. Why should I also have to prove I owe no back child support when there is nothing in the credit report or court records showing that I do? Will I next have to show I owe no child support to my first wife who I divorced 40 years ago?

2. I have a judgement for attorney fees from my state for my company supposively discriminating against the poor. I paid the $1,300 fine, but have not completed the mandated classes for me and my employees over the next 5 years. FHA maintains the who judgement has to be satisfied, both monethary and non-monetary. The judgement is also under appeal and I expect it to be overturned by the state supreme court in about 3 months, so we have not started the mandated classes.

3. Each time I show a transaction, FHA wants a copy of the cancelled check, plus a copy of the bank statement. This also applies for third parties, who pay me money, to which I must then ask them to give me a copy of their cancelled check, and 30 days of their personal bank statement. In one case, after getting the third party’s cancelled check and bank statement, they had a question about a transaction he had from another one of his accounts, and are now demanding a 30 day copy of that account as well. This individual has told them to basically stuff it. I agree, and think this is getting to be an invasion of privacy of third parties.

4. In another case, I had given the realator $500 in cash for earnest money. The FHA stated cash was not allowed. So I later had to recover the $500 in cash, write a check from my personal account, and then get a copy of the cancelled check and another bank statement showing the transaction. Frankly I think this is very stupid.

5. In another case, a long time associate gave me $50 in earnest money so he could rent my existing house. The FHA again demanded a copy of the cancelled check and a 30 day bank statement from this individual. For $50?

It seems like these folks are trying to act like forensic account investigators, but don’t have the faintest idea what is really important. No wonder the mortgage market is in such bad shape with these num-nuts calling the shots.

Roland Riemers of North Dakota

]]>