FHA Credit Policy

Employed in the United States by a foreign corporation, the income may be used to qualify when documented by a VOE evidencing a two year earnings history. The earnings must be in US dollars & the employer must confirm that the income is protected from any exchange rate fluctuations. If the borrower is employed abroad by a US company or a foreign company, the personal tax statement filed with the IRS will be required to indicate the income earned outside the US Tax returns indicate US Dollars and have been adjusted for any exchange rate fluctuations and then the income may be used to qualify.

Non-permanent Resident Alien:
If the homeowner is in the United States by a foreign corporation, the income may be used to qualify when employment, residence and credit have been verified for a minimum two year period. Please refer to the specific product summary for details, but the applicant should be eligible for loans on a primary residence only.

Employed abroad by a foreign company, the income is ineligible for qualifying.

Government Assistance Programs
Income from government assistance programs, such as food stamps or welfare, may be used as qualifying I If the borrower provides income such income has a reasonable likelihood of continuing for at least three (3) years. The applicant should provide a copy of a benefits awards letter as evidence of eligibility. VA educational benefits may not be considered as qualifying income. Non taxable assistance payments may be grossed up.