fha and previous employment

wazooz2424 · Joined: 04 Oct 2008 Posts: 2 2.10 Dollars($)

my fiance and I are looking into a fha loan. My fiance is currently in grad school, and has not had taxable income for the past few years. she currently is a full time dental assistant and a full time grad student. shes had her current job for only 3 months. she makes 31,000/yr. her fico is 776, and has monthly bills of roughly 400.00. no late payments on credit file.

in 2006, i made 38k and had 3 different jobs in the same field, but in 2007, i only made 10k and had 3 different jobs. i went between part time jobs while i was applying for a career in law enforcement, before being hired by a law enforcement agency in early dec 07. i now make 41k/yr, we are due for a 3% raise next month. my fico is only 675 and i have monthly bills of about 300.00. no late payments on credit within the past year. one collection account that has been paid for 3 years.

the house we are looking at is 325,000 and we have 40k to put down which was gifted to us. we also have 10k for closing costs. we are located in Maryland.

how do things look as far as us being approved? thanks for your advice.

Guest 0.10 Dollars($)

Dear Wazooz2424,

Here is the best source I could find to provide you with answers http: // faq . fha . gov (I had to leave spaces to post) type "employment guidelines" in the search. This should return some good links for you to answer your question.

With regards to you getting approved, in all honesty you will need to find a mortgage professional who will go the extra mile to make things happen and who will be patience.

You can help lots by taking the time to organize all of your documents... they are as follows:

- Most current paystubs (freflecting YTD earnings - Lenders will want to see the most recent paystubs covering one full month of earnings. 4 if paid weekly and 2 if paid bi-weekly. (both of you)

-W-2 Forms - for the most recent 2 years (2007-2006) for all jobs in order from most recent going backwards (Current -> Oldest) This will be necessary to document your employment history.. YOU WILL NEED TO ALSO DOCUMENT ANY EMPLOYMENT GAPS. (both of you, but look bellow for explanation re: your girlfriend student status)

-2007 and 2006 Copies of your "Federal Income Tax returns" fillings. All pages. Lenders don't need copies of the State fillings. (both of you)

-2 most recent bank account statements for all accounts and all pages. If there are any major deposits the lender will ask for letters of explanation.

-If the 50K is already in your accounts for more than 2 months you will not need to document the gift but if the money just made it into the account you will be required to document the gifts. Your mortgage professional should be able to provide you further assistance with this.

-All retirement account statements like 401K, 403b, IRA the more assets you guys can show the stronger your loan application.

-If you have an employment contract it will be of great help to support your file.

-Since your girlfriend is still in grad school a letter from the school indicating she is currently enrolled and copy of her transcripts will help your mortgage professional get your file approved. See fha faq site.

Hope this helps a little...

Julio Alexander

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wazooz2424 · Joined: 04 Oct 2008 Posts: 2 2.10 Dollars($)

thanks, Julio. that definitely answered my questions.

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