Investor · Oakland, CA · Member since 2016 · 171 posts · 63 votes
Hey everyone,
What is more important to a lender when applying for FHA loan--having a stable 2 year employment or stable income? I've been in one industry but have been bouncing around every year ...any input would be appreciated.
It really depends on the nitty gritty particulars of your scenario. To really make a determination (and ensure you're looking for homes in the right price point, and not paying for appraisals/inspections on a house you can't buy), would need to see...
Start/stop dates of all jobs, and job titles.
2015/2014 W2s or 1099s.
Final December 2015/2014 paystubs.
Final paystubs from each job from right before you left each job, for the last two years.
Most recent two paystubs from current job.
Reasons for any job gap over 30 days.
That's more than most W2 people are asked for, if it looks a little like the list that self employed persons get, that isn't a coincidence. If you can't find all that paperwork, there's a form that you can give to each former employer to complete. "Stated income" is gone, so you claiming that you made such-and-such income and so-and-so job unfortunately cannot be taken into consideration.