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People that Have a New Job May Qualify for FHA Mortgage

People that Have a New Job May Qualify for FHA Mortgage

FHA MortgageIn the not so distant past, it was quite common for people to find a line of work that enabled them to live comfortably, stick with the same job for 30 years, and retire comfortably on a company sponsored pension. However, that is no longer the case. Most people will change jobs in their adult life a minimum of 4 times. These job changes can have a impact on people hoping to qualify for a FHA mortgage. Specifically, potential home buyers who have either started a new job within the past few months or anticipate transitioning to a new job have a few guidelines to keep in mind.

 

Frequent Job Changes is Not Always Bad

While some employers may look unfavorably on new applicants that have a history of moving from job to job quickly, the FHA guidelines do not necessarily frown upon it. In fact, if a person is moving between jobs in the same line of work, and the moves result in either better income, better benefits or both, then the underwriter should look at the situation in a favorable light.

 

The key point to remember is that the borrower needs to have jobs in the same line of work. Moving from an electrician to a used car sales rep, for example, would not receive a favorable opinion when compared to a plumber that moved to 3 different jobs in the span of 2 years and gained 20% in gross income due to the moves.

 

Self Employment Has two Different Situations

For those borrowers that are self employed, FHA will look at the loan application in one of two ways. First, they will ask the borrower to produce personal tax returns as well as the business tax returns from the past 2 years. But what if the person has not been employed for 2 years? If the person attended either a formalized type of training or education for one year and has worked full time for one year, then the person may pass the FHA guidelines.

 

For example, if a person went through a one year apprentice program to become an electrician and then began working for themselves as an electrician at the end of the year plan, they could qualify for an FHA loan.

 

New Jobs May Also Qualify

In the world of professional sports it is common for players, coaches, and high level personnel to sign an employment contract with a guaranteed salary plus bonuses. While salaries in the millions are not as common among other professions, employment contracts are quite common. For people starting a new job with a contract they may qualify for an FHA mortgage. The contract must state that the borrower is set to receive a guaranteed salary sufficient to meet their debt and mortgage payment in accordance with the lending guidelines.

 

The best way to find out if your situation meets the FHA lending guidelines is to talk to a local mortgage lender. They can analyze your personal finances and your source of revenue and let you know if the FHA underwriter will approve your application.

  

 

Questions, Comments or For more information you can email Christian Penner at TheMortgageTeam@ChristianPenner.com or visit us online at www.ChristianPenner.com or you can call us directly at: 561-316-6800

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People that Have a New Job May Qualify for FHA Mortgage


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Christian Penner
250 Central Blvd #101, Jupiter, FL 33458
Phone: +1 (561) 316-6800
 

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ChristianPenner.com
http://www.christianpenner.com//people-that-have-a-new-job-may-qualify-for-fha-mortgage/
People that Have a New Job May Qualify for FHA Mortgage

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