There are some great tips in this video, like: Call or write to your lender as soon as possible. Clearly explain the situation and be prepared to provide financial information. If you fall behind - Keep living in your home to qualify for assistance. Contact a HUD-approved housing counseling agency and cooperate with the counselor/lender trying to help you. HUD has a number of special loss mitigation programs available to help you: Special Forbearance - your lender will arrange for a revised repayment plan which may include temporary reduction or suspension of payments; you can qualify by having an Involuntary reduction in your Income or Increase In living expenses. Mortgage Modification - allows you to refinance debt and/or extends the term of the your mortgage loan which may reduce your monthly payments; you can qualify if you have recovered from financial problems, but your net income Is less than before the problem. Partial Claim - your lender maybe able to help you obtain an interest-free loan from HUD to bring your mortgage current. Preforeclosure Sale - allows you to sell your property and pay off your mortgage loan to avoid foreclosure. Deed-In-Lieu Of Foreclosure - lets you voluntarily give back your property to the lender it will not save your house but will help you avoid the costs, time, and effort of the foreclosure process. If you are having difficulty with an-uncooperative lender or feel your loan servicer is not providing you with the most effective loss mitigation options call the FHA Loss Mitigation Center for additional help.

Watch this video and take a few notes: seasonal pay child support retirement pension payments unemployment compensation VA benefits military pay Social Security income alimony, and rent paid by family all qualify as income sources. Part-time pay, overtime, and bonus pay also count as long as they are steady. Special savings plans-such as those set up by a church or community association - qualify, too. According to HUD, income type is not as important as income steadiness with the FHA.

The Loan Estimate form addresses one of the big questions for closing: approximately how much cash will be required? Its an estimate, not a final total; heres a short list of the costs that might change, and by how much. Section A - Origination Charges should be the same amount at closing. Section B - Services that you cant shop. Closing amounts should be within 10% of the estimate. Section C - Services you CAN shop. For service providers on the list provided by the lender, the 10% tolerance limit applies. Other service providers arent bound by the estimate, but it does provide some guidance and point of negotiation for these decisions. Section E - The Recording Fees should be within 10% of the estimate. Section F, G, and H: Prepaids, Initial Escrow, and Other may vary from the estimate. Tolerance limits do not apply. These Loan Estimate figures and tolerances, plus basic loan details, Deposit Credits, Adjustments and Down Payment should serve to compute your money-on-hand requirements at closing. When assessing or comparing loans, keep these figures, ranges and tolerance limits in mind.

Laws set under the TILA- RESPA Integrated Disclosure Act - TRID - specify the details that lenders MUST supply to customers making an application for a real estate loan. Since Oct 1, 2015 loan providers are required to return two disclosures - the Loan Estimate and the Closing Disclosure. The Loan Estimate is, as the title suggests, an estimate that covers the key costs, risks and features of the proposed loan. When the lender approves a loan, the Loan Estimate must be returned to the consumer in three business days. (See related Video-Genius video on how business days are defined.) The Closing Disclosure applies if the loan process moves forward. This form covers the key costs of the loan transaction. It must be provide to the borrower a minimum of 3 business days prior to the final loan consummation.