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FHA Loan Income

Hi guys,

My girlfriend and I are looking at buying a home this August. We are currently full-time students and she has been a waitress part-time for just under 2 years.

We will both be accepting full-time jobs at the beginning of June. We have $6,000 saved for downpayment costs, hopefully getting the 3.5% the FHA offers. How long will we have to hold these jobs before the income from this employment will be eligible to use on a FHA loan application? 30 days? Also, what paperwork would I need to make sure I have?

Thank you for any help!

Jon
  • May 01 2009 - Greenville
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Answers (5)

Profile picture for Irwin 285
P.S. We both have 690+ FICOs
  • May 01 2009
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Do you have guarantors at your disposal to cosign your home loan?  FHA requires you to provide documentation substantiating your income that is required for the loan amount you are seeking plus a work history of two years or better and a FICO score of at least 620. 
  • May 02 2009
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I would tell you to contact a lender. Maybe your bank does mortgages as well? They will provide you with the proper paperwork. There are many new FHA programs out there right now.
I always advise my clients to call at least 2-3 different lenders. Loan programs and interest rates vary from lender to lender. It is also ok to let them know you are talking to another lender. It makes them be more competitive about your business.
  • May 02 2009
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Would our status as full-time students help us with the 2 year employment history requirements? By the time we will be looking at buying a home, we will both have held full-time jobs for around 60 days and my girlfriend will have held a part-time job consistently for about 21 months. I have a 2 year history with part-time employment that has gaps resulting from college.
  • May 02 2009
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Theres no getting around the Two year documentation, Trust me I have two self E. jobs and I went through the same thing for a year.

Unless your last two years tax returns show at least, around 20 25k a year, its going to be hard to get a loan, But call a lender I have a few I have been using and they will get you on the right track and when you are ready to purchase your home, I will be there every step of the way,

Also note that on an FHA loan your seller can pay up to 6 percent of your closing cost, which can include some of your downpayment, just make sure you use an agent thats looking out for your best interest, I am a brokers certified agent meaning I have taking extra classes to help better my clients!

Call me anytime day or night!
Jason Robu
Joy Real Estate
8647875694
  • May 05 2009
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