FHA 2 year work history

3 Replies

My job recently cut my hours so I'm having trouble saving enough money to reach my goal of having a down payment saved by April 2017. I've been there for almost a year now so I was wondering if I kept my job to reach the 2 year employment qualification and got a second job to speed up saving would I still be able to qualify?

Speak with your lender to get confirmation but as far as I think you will be able to get lending you just will not get lending for the income you had when you were getting more hours.  

I don't know how much house you could afford without knowing current income and monthly debt numbers, but I do know you can get an unsecured personal loan to get some cash quick. Take that cash and put it in your savings account for at least 60 days. FHA only requires two months bank statements to verify your assets, so as long as you leave it there for two months you will have down payment money asap. loandepot.com offers them ranging from 5-35k.

If you have been at your job for 2 years or more then they would use that gross income to see how much of a loan that you qualify for. If you have been at your part time job for 2 years or more they would count that income to help you qualify for a home loan. If you can come up with the 3.5% down payment plus closing costs and have decent credit , you should be able to get a FHA or conventional loan to purchase a house.

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