FHA mortgage

5 Replies

Is there a rule that says you can't use your income to qualify for a mortgage if you don't have a two years of continuous history of working at the same employer?  We have talked to three different lenders that say we can't use my wife's income to qualify because she has less than two years at the same employer.  We make good money and have cash for a down payment.

@Ben Sinkunas  -  It is a fannie/freddie underwriting guideline.  I was allowed to count income from less than 2 years from a new job IF it was the same industry.

You can try a local bank or credit union - but over 90% of loan are sold on the secondary market and need to conform to fannie/freddie guidelines to do so.  

Yes but in my experience there was "loop holes". 

Education Years- You could count education years as years in the field if it was in preparation for your job. For example my MBA and undergraduate school counted because they were a direct requirement for my current job

Industry Experience- I was able to tie my jobs together because my "industry" was finance even though I worked in manufacturing and real estate.

I have mortgage broker to be easier to get qualified with than banks. We have also found that everyone has different local guidelines so ask around!

That being said, does your wife have any debt in her name alone that is holding you back. If so, drop her name, and than her debt also goes away. This might allow you to be able to qualify on you alone!

Thanks Brie and Elizabeth, both answers are very helpful.

We think we found a lender that can look at a 4 year job history and average it to get what we need.

Thanks again!

Ben

They should be able to average your income. As long as you can prove that your new job is going to continue (a contract perhaps?), you should be able to qualify. Good luck!

Thanks Grace.  Yes, I think we found a mortgage broker who can average it for my wife so we can use her income.  She only had breaks in income to raise our boys for a while so I think that bodes well for our case.

Thanks again.

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