Maureen is correct, FHA will permit the use of seasonal income, provided the borrower has worked the same job for the past two years and expects to be re-hired the next season. Examples would be umpiring baseball games in the summer or working retail during the holiday season. You do have to dcucment a 2 year history of the seasonal work in order to include it in the borrower's qualifiying income calculation. Seasonal unemployment is also acceptable for borrower's working in maybe construction or another job where annual layoffs are the industry standard. If you are looking to use child support, disability earnings or something with a potential end date, FHA will require proof of 3 years continuance to count the earnings. Hope this helps!
Julie A. Horvath
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
In your list of income sources for a FHA loan per a lender; I did not know that unemployment compensation or seasonal pay were viable sources for qualifying, since they are temporary sources of income. What happens when thoses sources of income are depleted ?
"Below is what could be could be qualified as an FHA income:
Seasonal pay, child support, retirement pension payments, unemployment compensation, VA benefits, military pay, Social Security income, alimony, and rent paid by family all qualify as income sources. Part-time pay, overtime, and bonus pay"