Employer Gift for Down Payment – FHA Mortgage Loan

Employer Gift for Down Payment – FHA Mortgage Loan

‘Employer Assistance’ refers to benefits provided by an employer to relocate a borrower or assist in the borrower’s home purchase, including down payment, closing costs and Up Front Mortgage Insurance Premium(UFMIP). A salary advace or loan cannot be used.

The amount of the gift does not matter. The lender will simply add this amount to the borrower’s available funds to be allocated at closing.
This can be a one-time bonus for an employee. It can also be defined as relocation help from the employer.
Some documentation will be required. Tell your Loan Officer at time of application as it does affect their paperwork internally. It is still the same FHA Mortgage Loan, but we need to know up front so we know where we will sell the loan.

If you have questions about whether you qualify for an FHA Loan…. Or just want to chat about home loan qualifying.
Call The LouisiaLoanGuy, Tom Burris today!!
214-763-4629 cell/text/nights/weekends

Using 2016 Taxes for Home Loan Qualifying

Using 2016 Taxes for Home Loan Qualifying

This time of year is unique in lending. People want to use their 2016 income (self-employed and commissioned borrowers) for qualifying.
But we cannot get those tax transcripts yet as the IRS has not processed the returns.

What to do?

At Loan Simple, Inc….. We can take YOUR COPY of filed tax returns that are stamped by your local IRS office.

What we need:

– Evidence that no 2016 tax returns are available. We will handle that
– Your Signed Tax Returns that are officially stamped as received by the IRS.
– Proof that you electronically filed or evidence of a refund check or payment made to the IRS

Who does this benefit?
This will help the person who made very little in 2014 but made more money in 2015 & 2016. As we will be averaging 2yrs of income for self-employed and commission income borrowers.

Call The LouisianaLoanGuy, Tom Burris with any questions-
214-763-4629 cell/text/nights/weekends