Home Buying in 07728>Question Details

Edward Bonfo…, Home Seller in 11204

Can I qualify for a FHA loan with one year employment. I have 700 credit score ?

Asked by Edward Bonforti, 11204 Mon Apr 2, 2012

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3
Jim Simms’ answer
The only way the length of time on the job is an issue is if your status is something other than a regular full time employee. If part of your income is based on commissions for example then you need a two year history in order to count the commissions. If you in a probationary period, then they can’t close until the probationary period is over. If your pay isn’t reported by a w2, then it will require a two year history. On the other hand if you are a full time employee, salaried or paid an hourly wage, one year is not an issue. In my shop I would only require one pay stub. Good luck,
0 votes Thank Flag Link Tue Apr 3, 2012
I get a good salary every week ans I get a big commission check every month and I work full time I only have one w2 4 last year
Flag Tue Apr 3, 2012
I was pre approved threw wells Fargo now there saying because of my one year employment they had to send it to an underwriter they were sopose to get back to me to day when I call no one answers me or calls me back do u think I have anything to be worried about ?
0 votes Thank Flag Link Mon Apr 2, 2012
A 700 score is pretty good, best way to find out is to speak directly with a mortgage broker who will go through the pre-qualification process with you. Feel free to contact me and I can put you in contact with a couple of people that can help you out. Good luck.
0 votes Thank Flag Link Mon Apr 2, 2012
I was pre approved threw wells Fargo now there saying because of my one year employment they had to send it to an underwriter they were sopose to get back to me to day when I call no one answers me or calls me back do u think I have anything to be worried about ?
Flag Mon Apr 2, 2012
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