Will New Job Prevent FHA Approval?

lsbeauch · Joined: 26 Sep 2008 Posts: 2 1.59 Dollars($)

My husband and I are applying for an FHA loan of $180,000 and were pre-approved for this amount when my husband was making $2/hr. less. We are concerned about not being approved due to my husband having started a new job. Though the position is within the same field and he's making more money we are concerned b/c he gained the position through a temp agency under the condition that the position is temp to perm but because of contractual constraints between the temp agency and the client (company with whom my husband reports) they were unable to supply a letter confirming the date with which he would become permanent. They did however supply a letter confirming that the position is longterm. Should we be concerned that we will not get approved because they could not supply an exact date of permanent hire? And is there anything that we could possibly supply to further solidify my husband's income since they can't give him a firm date?

smithsussane · Posted: Fri Sep 26, 2008 9:48 pm Post subject:

Hi lsbeauch !

Welcome to the Forums!

I do not know whether it will prevent you from getting a FHA pre-approved loan but I think the new job will definitely affect the loans. You can speak to the lender or the mortgage broker who has helped you getting the pre-approval letter. If you give the lender all the important details he may help you in a better way.

Feel free to ask if you have further queries.

Sussane

lsbeauch · Joined: 26 Sep 2008 Posts: 2 1.59 Dollars($)

Thanks for the reply Sussane.

gmakerley · Posted: Sat Sep 27, 2008 10:05 am Post subject:

this will have an impact, yes. what that impact will be is up to the lender. it would seem you've got pretty good documentation on the new job, but you'll need to be affirmative in your dealings with the lender to ensure that the job is acceptable.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Most lenders require the job to be permanent. I would let the lender know right away. They will find out so it's best to know sooner than later.

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