Welcome back, Dreammakers, to Today in Mortgages! In this episode, hosts Michael and Richard talk about the FHA’s proposed rental requirements. Today’s article: “FHA proposes looser Boarder Income Requirements for Qualifying” says the FHA realizes it needs to use all income streams to help qualify first-time buyers, and rental income is one of them. The FHA is allowing 12-month rental income history, down from 24-months. However, the way the the proposal is worded sounds like you need to already own a home. The ideal situation is that your roommate will live with you, and you can use up to 30% of your income thru rent to offset the mortgage. We don’t know what it will end up looking like, but we are glad the FHA is starting to realize they need to find new ways to help first-time homebuyers afford homes. Listen in as we discuss this and more!

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