FHA Loans -
Employment Qualifications
...............................................................................You don't need to make millions to qualify for a home loan, but a history of
steady employment in any occupation helps. FHA and mortgage lenders are more likely to
lend money to people who have worked for several years at the same job, or at the same
type of job. However, if you can qualify for a loan in every other way, we will consult
with you.
A short history on your current job wouldn't necessarily prevent
you from getting the loan as long as there have been no gaps in your income over the last
two years. FHA will verify your employment, usually by asking
your employer to sign a statement that shows how long you have been on the job and how
much money you earn.
FHA qualifying also requests the we also request your most
recent paystubs and the last two years of W-2's and Tax Returns. If you are self-employed
or if you have been at your job less than two years, the lender may ask you for additional
information (such as federal income tax statements and a Profit & Loss statement)
concerning your income and work history
Questions that will be considered.
- Have you been at the same job for at least two years?
- Have you been in the same occupation for at least two years?
- Have you had gaps in your income over the last two years?
- flow long do you expect to stay in your current job.)
- Is the co-borrower (if any) employed?
- If either you or the co-borrower lost your job, how long would you be
able to make your mortgage payments?
These are the kinds of questions asked when reviewing your loan
application. A steady, secure job will make your loan application stronger.
Learn more about FHA loan qualifying and your income  Here
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