good afternoon.....it is important also to know what you did (or didn't do) prior to your current employment...where you in school?..did you work another job?..etc, etc....the first "look-see" a lender has regarding a borrower's credit and credentials, is his or her perspective of your situation and his/her general understanding and knowledge of underwriting guidelines..without asking enough questions, it is impossible to properly assess the right mix of credentials that will make the loan work to your best benefit......they truely may not be able to use your income, but, if you feel your loan rep. didn't ask enough questions....please seek additional input from others....i hope that helps...bob mcclure- success mortgage partners- plymouth, michigan....

Melanie,

FHA will take a full time job if you have been on it 6 months or more. Part time will need 2 years, but full time you may be okay. Let me know if you have been qualified for an FHA purchase and you make get a higher approval amount. Best always, John

Hi Melanie, sorry to say but you need to be at a job for approx.2 years to use the income....That said there are 3bd 1 bth homes in Hayward for around 175,000 you could probably get a 2 bedroom home, town home or condo, in your price range. If you would like Get me your E-Mail address and I can send you some pictures at no cost or obligation. Hope this helps....Dawn

Hi Melanie
FHA requirements are strict and may limit your loan amount. The new restrictions on mortgages are meant to limit risk, however, if you have at least 10% for a downpayment and a great credit score, you might be able to qualify for a conventional loan. And shopping around to smaller, local banks may save you in closing costs and other associated fees. They should provide you with a good faith estimate upon request so you can compare fees with other lenders in your area. Also, your income showing after 12 months may boost your loan amounts, so waiting off a few more weeks could help you as well.
Best of luck!
Jennifer Kinzle, E-Pro Realtor
Keller Williams Fox Valley Realty
St. Charles, IL

Melanie,
Most FHA loan requirements are pretty standard. They use a standard "Debt To Income" ratio to determine how much you qualify for. I don't think that will change regardless of which bank you go to, however, its definately a good idea to shop around. The reason you want to shop around is because different banks charge different amounts for closing costs. One bank may tell you that you need 3% in closing costs and the other bank may say 6% in closing costs. Hope this helps!!