Financing in Milwaukee>Question Details

DanaCruz4488, Home Buyer in West Allis, WI

Can my partial (supplement) unemployment benefits be used for FHA loan? (I remained employed entire time)

Asked by DanaCruz4488, West Allis, WI Sun Apr 6, 2014

I have 3 years solid income history, but I recently changed jobs (3/10/14) from office manager (mfg. co) to loan partner (mortgage co.)

The reason I have unemployment income is because the company started cutting hours. The unemployment income supplemented the income lost while hours were cut. I did remain employed the entire time.  I could provide a LOE, if necessary. (That's also the reason why I switched jobs)

My base pay at my new job is equivalent to my prior years income, but I've only been there 1 month to date.

I have a 750 credit score and zero debt, besides my current mortgage, which will be gone when I sell. I would have a decent down payment on my next purchase. (10-15%)

Before I list my house, I'd like to know if this is something FHA could allow.

P.S. (We are not allowed to work on personal loans at the mortgage company, in case anyone is wondering)

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Answers

4
Thanks Dan. That's exactly the kind of situation I am trying to avoid. I would hate to sell my home and be left unable to get another mortgage because of the job change.
1 vote Thank Flag Link Sun Apr 6, 2014
Agree with Dan, get together with a mortgage professional as you will need a full review not just a few paragraphs. Also even though you cannot work on your own loan you should be able to excellent advice at your current employer as to what to do. 10-15% down will allow you other options in addition to FHA.
0 votes Thank Flag Link Mon Apr 7, 2014
If you want to give me call Monday we can assistance you. Thank you 414 416 9194
0 votes Thank Flag Link Sun Apr 6, 2014
Dana,
Because lending rules seem always to be in flux and your job change appears to be into a different field and somewhat unsettled, I would really encourage you to go into greater detail than you should here with an experienced loan officer and get pre-approved early. I had a client with a home almost under contract find out just before we sold theirs that his status would prevent him from getting a new mortgage right away. We had to cancel his listing and wait awhile until his circumstances settled down.
Best to find out precisely early on than once the wheels are in motion and some things may not be able to be undone.
0 votes Thank Flag Link Sun Apr 6, 2014
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