January 4, 2012
When you apply for an FHA mortgage, the lender is, according to the rules, responsible for reviewing and analyzing your application data. FHA loan rules state the lender must insure you’re a good risk before approving the loan application.
According to the FHA official site, “This responsibility includes using qualifying ratios and compensating factors when qualifying a borrower.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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