I am looking to finally get my first property and start this REI journey. I am planning on using a FHA loan to acquire a 4plex, and live in one of the units. Now the employment part,
I worked at a healthcare company from Aug 2017 to May 2019
I switched jobs, still in healthcare, started in May 2019 and still working there. 0 gaps in employment. Both in healthcare. Not for the same certification, but in healthcare. The new one, was a cut in pay.
Reason for the switch, better schedule 7:30am to 3:30pm mon-fri. Holidays and weekends off. At the other job I was working every other weekend. Also free health insurance at the new place. Wanted the better schedule because my son started school in August, and in order to have the time with him and any school activities he wanted to enjoy, I would be able to do with the better schedule.
Now I have been employed consistently, no gaps.
Will FHA approve this? Will they see the pay cut worth it? I don't plan to apply until Apr of 2020. So by then I will have more time at the new place.
FHA is fine with that, your lender might require you to write a letter about the job transfer. Its the same field so they are fine with that. Loan DTI will be based off the new job, so the pay cut will make you qualify for less.