2 year work history

Hi,

I have last 2 year of tax returns but my w-2 will show full 2 years in sept..My friend that does the loans said we have to wait till sept. I would like FHA with 5% down, 150,000-200,000 loan
Is it possible to use someone else that is not as strict?
  • April 19 2012 - Raleigh
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Answers (6)

If you own a business and pay yourself w2. You are classified as a self-employed borrower in which case the 2 years is what you would expect for an FHA mortgage. If you can't show continuity with the previous company you owned you may be looking at 2 years from Nov 2011.
  • April 19 2012
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Profile picture for joetow
Your situation is somewhat unique as it appears you are self employed and getting a W-2 from your own business? In that case, the lender will not only want to see a 2 year history on your company and that it is the same line of work as your previous company which you sold.
  • April 19 2012
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My work history is sept 2010 to june 2011-we sold our company , relocated and started a new one

then work history continues november 2011 to current

Before that i was a stay at home mom

Taxes show me employed for 2010, 2011 but w-2 show these dates

Credit score is good 780 or so 

Have no debt or loans on my name. Have a good savings and no outstanding balances on credit cards

  • April 19 2012
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You shouldn't need a full two year history.   But some lenders and underwriters are more conservative on this point than others.  
  • April 19 2012
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Geofrey's right your friend is wrong you don't need to be in your current position for two years. An individual could actually just graduate from college and get a FHA mortgage after a month of income (assuming the employment related to the education). 
  • April 19 2012
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To be eligible for a mortgage, "FHA does not require a minimum length of time that a borrower must have held a position of employment."  But the lender must verify the borrower's employment for the most recent two full years and we explain any gaps in employment. 
source:  Hud.gov.

Geofrey Merino
  • April 19 2012
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