The best thing to do is document the history on his job - when he was employed, when he was laid off etc...
You should also try to get a letter fromt the Union stating that he is guaranteed some employment.
All lenders are going to average his income over at least the last 2 years.
Getting a 203k is slightly more strict from getting a regular FHA because of the extra risk involved.
No lender wants to lend on a home that's not livable yet, + additional construction costs and find that the borrower can't pay the mortgage.
Best thing to do is get Pre-Appoved for this type of loan.
Your boyfriend is a union plumber and I get the impression he is handy and may want to do the repairs himself. Look into the 203K, as he may have to use specific contractors as per the loan. This is a turn off for many do it yourself buyers.
I have been working with clients for 30 years and many of them have been self-employed or have been temporarily laid-off. I know of several lenders who will work with you to get you qualified to purchase as long as there is a strong work history and you have supporting tax returns. Feel free to contact me at your convenience and we can discuss it or I can just refer you to an excellent Mortgage Representative.
If you need assistance finding a home I will be more than happy to work with you.
Barbara Gordon, Realtor
C.B. Hearthside Lahaska
Anyone considering a purchase should speak to a lender (or two, or three) to determine financing options and eligibility! Please contact me so that I can direct you to a few good, honest, and capable loan officers to speak to.
Once you have the "go ahead" from them, then we start your search!