FHA Loans for self-employed

[tutenkp]

Hello,
I am trying to get more info about the fha loans and self-employed, like what is the minimum income requirement? is there a % you multiply with the income to see how much?
I know you need 2 years of tax returns, but do they look at gross income or net income?

Thank you in advance.

[LoanModHelpCenter.com]

The new modification guidelines will utilize a partial claim option.* FHA has used this partial claim mechanism in the past to allow servicers to advance funds to bring a delinquent mortgage current.* Now those funds can also be used to lower the monthly payment to an affordable level by reducing the outstanding principal balance of the loan by as much as 30 percent and recalculating payments based on that new amount.* These advanced funds are not gifts and the portion of the balance affected will be deferred not written off.** Repayment of the deferred amount will begin when the first mortgage is paid off.* HUD is, in effect, merely extending the term of the loan beyond the usual 30 years.




Yes payment p/I divided by gross income.

[Cat Damiano]

FHA income guidelines to qualify for a home loan