If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.
Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services.
To prove this income we would need…
• Letters from the organizations providing the income.
• Copies of the borrower’s signed federal income tax returns that were filed with the IRS, or
• Copies of the borrower’s deposit slips or bank statements that confirm the regular deposit of the payments.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
FHA gift questions come up often. I wanted to give you the rules on FHA…
If you purchased a home using your own cash, and now would like to pull…
I wanted to remind you we have a 2% to 5% downpayment and closing cost…
Did you realize that when buying a house from an immediate family member – the…
Do you need cash out of your home, but you don’t want to refinance the…
Do you have investment property, and would like to pull cash out of your property?…
