Home Buying in Elmhurst>Question Details

Katie, Other/Just Looking in

Can I qualify for an FHA loan if my finace and I both just got new jobs this year?

Asked by Katie, Sat Jan 30, 2010

Help the community by answering this question:


Are your new jobs in a similar position but different industry or same industry? As long as you both have a 2 yr minimum employment history and your earned incomes confirm this history, a new job that benefit both of you with higher wages or other reasons should not be an obstacle to your securing FHA financing.

Do you require FHA financing for reasons of low down payment? Call me if you wish to speak with me offline.
0 votes Thank Flag Link Fri Sep 9, 2011

I concur with Ben. All the answers were very good. If you would like more information about FHA loans I encourage you to visit my website that explains a lot about them in one place. http://www.fhaillinoisonline.com.

Let me know if I can help you in any way.

David P. Cruickshank
Ardain Mortgage Corp
0 votes Thank Flag Link Fri Feb 5, 2010
Hi Katie,

Please call me so we can discuss this. Looking forward to hearing from you soon.
Have a great day and keep those dreams of your new home with your fiance!
0 votes Thank Flag Link Tue Feb 2, 2010
Just as everyone has said before me we don't know the particulars in you being able to afford the financing you are trying to get, but going strictly by the job question, the answer is ,if you transfered to the same occupation as you had before you should be able to be financed.
0 votes Thank Flag Link Mon Feb 1, 2010
Since none of us knows your financial situation--for accurate information, why not visit with any qualified loan officer(s) and see what your budget can handle and check your credit score--FHA loans require a minimun credit score of 620 and 3.5% down. After reviewing your financials your loan officer can best advise on how to proceed, or not.
0 votes Thank Flag Link Sun Jan 31, 2010
Katie - I really don't have much to add, these other answers are excellent, only to say that rules and guidelines do vary somewhat from one area to another & I see you are inquiring about several locations. The logical next step would be to talk to loan officers in the areas you are most interested in.
0 votes Thank Flag Link Sun Jan 31, 2010
As Lew mentioned, there are a lot of answers to this question, depending on the specifics of the situation Katie. I have had clients with everything from a job change that they didn't bother to tell us about that was only discovered right before closing, to a person involved in a short sale that has changed jobs in the middle of the process. Sometimes it depends on what the job is. If someone is a union electrician, and they continue to be a union electrician but for another company, they will not have a problem. However, if they go from being a union electrician to a police officer during that time (I use this as an example because their pay stubs both show as hourly, as apposed to salaried), you could have a problem.
Give me a call if you would like me to review this issue with you. Although my profile says Stamford, CT, that is only my main office, I work on Long Island.

Robin Silverberg
0 votes Thank Flag Link Sun Jan 31, 2010
FHA requires a 2-year employment history. If you were a full-time student and graduated from college, that can be considered "employment" for the purposes of a mortgage application. You will have to provide evidence of graduation (diploma).

It doesn't matter if you switch jobs - so long as you're in the same general line of work or you had an increase in pay and/or responsibilities. What does matter is if you switch from a jobs paying wages to a job the is paid by commission (if full or in part). If you swicth to a commission based job, then you will have to document 2 years of earnings. If you are in the same line of work where you were paid wages, then it can be reduced to one year.
0 votes Thank Flag Link Sun Jan 31, 2010
Hi Katie, If you like I can recommend a few lenders for you to speak with since a lot of regulations are currently changing, especially under the FHa guide lines. there also may be other factors that they can take into consideration when getting you qualified- such as assets, credit, current joint income, etc... I hope this helps, and I would be more than happy to help you and your fiance with your real estate search. Sincerely, Dan Daniel A. Lamas, CNS, CMS, TRC Licensed Real Estate Professional in IL & FL 2009/2010 Real Estate Consultant for HG-TV's
0 votes Thank Flag Link Sat Jan 30, 2010
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