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I am looking for an FHA Firs-Time Homebuyer loan of about $100k +/- to buy a short-sale single family house from my landlord-lord/rooomate. He became ill, was let go from his job for being out sick and not covered by FMLA (< than a year employ), had to file BK7. Anyway - I am partially disabled so I get SSDI of $834, have some self-employ income and part-time income (limited due to health) but am well able to prove (some stated income, some standard docs) that I can afford the mortgage on a loan of that amount in order to buy the house from my landlord and keep us in the home. I am having trouble finding a lender that "understands" my odd circumstances (3 different kinds of income) and am being discouraged by the major and mid-size banks. Any advice out there for me?

savior70 · Posted: Mon May 18, 2009 8:13 am Post subject:

Hi

With stated income, it'll be difficult for you to qualify for an FHA loan. They need you to have at least 2 years of stable employment history and other necessary documents in support of your income. There are some lenders in the market who offer stated income loans. They may be able to assist you. But the interest rate will be higher than normal.

gmakerley · Posted: Mon May 18, 2009 8:27 am Post subject:

vin, it won't simply be difficult to qualify for fha loans with stated income, it will be impossible. fha does not have a program that allows stated income. you would need to provide sufficient evidence of all income that you have for qualifying purposes.

this is just an opinion on the short-sale scenario: how confident are you that the lender will allow you to purchase the home from your landlord/roommate? i think those circumstances might make it difficult for you to get their approval.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

Vin how long have you had each of those jobs, for FHA to consider any part time employment it must be for 2 continuous years.

Guest

I Cannot help with your mortgage

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

What else can you do Mr.X

Can you give out free money

Go Away

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