Financing in Springfield>Question Details

LilKlick83, Home Buyer in Springfield, IL

FHA Employment Guidelines

Asked by LilKlick83, Springfield, IL Fri Mar 1, 2013

I am wanting to purchase my first home. The place I am looking at is relatively modest at a low price of 59900. My question is in regards to my employment. Currently, I work as 1099 for a non profit. I make 30k a year as a contract for the non profit, but I just started this job last October. I should also note that when I first started I was part time in a different position and now I am full time in a higher position at the non profit. Secondly, I have been serving at the same restaurant since December 2011. This is also a part time gig. My credit is good with only a car payment. Will my employment status keep me from an FHA?

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Debra (Debbie) Rose’s answer
Just to reiterate what Greg said - please find a local mortage rep , sit down and go over your specific situation so that you can obtain reliable advice...do not rely on internet advice





pssst Lowell - cutting and pasting that same response over and over is not helpful at all - you dont even attempt to answer any questions.......come on!
0 votes Thank Flag Link Sun Mar 3, 2013
You should not take advice from someone who's only purpose here is to answer every question with the exact same copy and pasted response. You should also not take advice from an agent who doesn't have a mortgage originator license and does not know what can or cannot be done. I strongly suggest you find a competent local loan officer and sit with them to review your financials. Without seeing everything in front of them it's impossible to tell you what you may or may not qualify for.
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1 vote Thank Flag Link Sun Mar 3, 2013
It doesn't look like I have any chance at all because my employment status according to your answers. I've been a server for a long time but it has mostly been part time my full time job is program coordinating (1099) at a not for profit and before I was in banking so none of these fields are similar. I graduated in 2010 with a BSBA but that was three years ago not recent. I guess it's back to renting for me!
0 votes Thank Flag Link Sun Mar 3, 2013
You need to be in the same field, career for 2 years. So if you were a clerk with one employer and within one month you got at better job doing similar work the next and it totals two years, this will qualify you for a mortgage loan. If you have a degree and come out of school with a job using your degree then the years in school will be added to time on the job. You will need to turn a copy of your trascripts to mortgage company. A Veteran only needs to be in his career for 1 year to qualify VA. I suggest you speak to one of our local lenders in person. You may qualify for a first time grant of 3% grant or even $,6000 coming out mid March. Good Luck
0 votes Thank Flag Link Sun Mar 3, 2013
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