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Can I get an FHA with only 7 mos. employment (I get mixed answers here)?

My neighbor recently informed me that she was interested in selling her house.  I'm interested in buying it.  I have the down-payment needed, and a couple of months of cash reserves, so I think I'm okay there. 

The problem is that I was unemployed for almost a year last year.  It was deliberate (taking a year off was on my Bucket List), but I doubt that will make much of an impression.  I've been employed now for 7 months. 

I asked a representative of Wells Fargo who said, "No problem!" but I see the 2-year minimum everywhere else.

My question: do I still have a shot of getting an FHA mortgage?

Thanks to everyone considering this!
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January 07 2013 - Roxbury
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Answers (12)

Best Answer
If anybody understood even one word that Deb posted I'd love to see the translation.

FHA requires the application to list a 2 year employment (or lack of) history. It does not mean you have to have been working those two years.

If you had been working those two years then even changing jobs each month would be acceptable. In your case you didn't work and have now returned to the workplace.  The requirement for taking a lengthy hiatus then returning to the workplace is 6 months salaried/ hourly employment; and you state you've been employed 7 months.


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January 07 2013
Yes you can qualify for FHA financing.
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January 09 2013
It sounds like you have a very good shot of it.   Your job history is very unlikely to be an issue.  
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January 09 2013
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My sincere gratitude to all of you.  There is simply so MUCH information out there!
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January 08 2013
As others have said, your best bet is to talk with a reputable loan officer who regularly does FHA loans.  They can review everything & if you will qualify, they'll issue you a preapproval letter.  Not all loan officers are created equal so if you'd like a referral to a good loan officer, let me know.  

Good luck!
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January 08 2013
......well her web site does keep you up to date with those 2008 tax rates; not everyone wants to work with an agent that has the latest data.

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January 07 2013
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"If Wells Fargo has agreed to give you a loan, what else are you looking for?  Go with Wells Fargo!"
----
That's excellent advice there Ofe.

Newsflash everyone, no need to shop for a mortgage anymore, just take whatever anyone offers you! What else are you looking for after all!?!?
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January 07 2013
If Wells Fargo has agreed to give you a loan, what else are you looking for?  Go with Wells Fargo!
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January 07 2013
It will be underwriter discretion, you can view guidelines at this link.

http://portal.hud.gov/hudportal/documents/huddoc?id=4155-1_4_secD.pdf

Some lenders will require stricter guidelines than listed here so if you feel you meet the guidelines in the link then you will want to ask any potential lender if they have any added requirements.
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January 07 2013
Yes there are many lenders that will fund your purchase with 6 months of employment history.  E-mail me and I can help you find a lender that will fund your loan.
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January 07 2013
Ditto, if you are on the job short term your best bet would be with a local lender who knows the town and possibly the property. Larger lenders may put you through a work out but in the end may not do anything. In addition, you will need a per approval for your neighbor in order for them to take you serious and will find out of the term is good enough going through the process
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January 07 2013
If you get mixed answers here I suggest not asking here. We can't give you a loan but guess what, a lender can so I suggest you ask one or two. Visit the loan officer at your bank and call a couple mortgage brokers and go talk to these people and ask them and they will give you an answer you can depend on. We can't.

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January 07 2013
 
Related Questions
Can I get an FHA with only 7 mos. employment (I get mixed answers here)?
Profile picture for Mike Archer
Latest answer by Mike Archer
January 09 2013 | 12 answers
  • Asked by user276222
  • In Mortgage
  • January 07 2013
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