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FHA Employment Requirements and Exceptions – Watch Before You Apply For An FHA Insured Mortgage Loan - YouTube
Channel: HomeSnatch Realty – Real Estate Talk
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fha employment requirement what you must
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know before you apply for an fha
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mortgage
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loan
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another blessed day in south florida i'm
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getting sherry founder of home snatch
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realty and i thank you for your
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continued support
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helps with youtube's algorithm
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in this video i focus on the guidelines
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concerning employment history for
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qualification for an fha insured loan
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per the guideline you must have a
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two-year work history however the
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guidelines provides exceptions to this
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rule that allows you to buy your home
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without the necessary two-year
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requirement
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according to fha guidelines your lender
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must verify your employment history for
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two years your lender must verify your
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employment with your current employer
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your lender must verify that your
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current job is stable and likely to
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continue
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but your lender may also approve your
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loan even if you do not have the two
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years employment history
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if the lender can verify that you meet
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these exceptions
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i'll mention the exception shortly
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if
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you have not been employed at your
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current job for at least two years your
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lender must contact your prior employer
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and if you've held multiple jobs more
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than three in the previous 12 months
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your lender must verify that your
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current employer with your current
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employer that your current position in
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income are stable
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if in the past two years you've held
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multiple jobs
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they do not have to be in the same field
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but
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if you have a gap in your employment for
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more than one month you may provide a
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letter with a reasonable verifiable
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explanation for the gap in other words
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your lender must verified
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must be able to verify your reason for
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any gaps longer than one month in your
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employment
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if
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you have a gap in your employment the
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lender must verify you were fully
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employed for two years before the gap in
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your employment begin also you must have
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been fully employed for six months
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preceding before the fha case number was
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assigned to your mortgage application
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additionally fha guidelines
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provide exceptions to the two year
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employment requirement for fha insured
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loan however your lender may find it
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unacceptable if you simply took a break
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from work and or failed to find
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employment for an extended period of
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time
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so what are the exceptions well the
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following exceptions are acceptable for
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the lender if the lender can verify them
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number one if you are self-employed fha
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guidelines require that you have a full
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two-year history with your current
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business
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but
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if you were employed in the same field
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of your business before starting your
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own business your lender may grant you
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an exception
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number two
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if you were on active duty service
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active military service you must provide
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documentation for your active military
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service such as your dd214
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number three if you were a full-time
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student you must provide a copy of your
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college transcripts
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number four
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if you had a medical condition that
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prevented you from being employed you
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may provide a letter from your physician
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detailing the condition the medical
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condition that prevent you from working
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whether it was with or without
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disability income benefits
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number five if in the past
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two years you stayed home to raise your
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children
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you can get an exception to the two-year
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work history rule however lenders may
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not grant you an exception if you if
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your work stoppage was for more than two
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years
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generally
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fha approved
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the exceptions
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as i mentioned above
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if your circumstances allow for one or
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more of these exceptions then your fha
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lender may be able to approve your fha
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insured mortgage loan
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nonetheless i recommend that you talk to
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a lender
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your lender to discuss your specific
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circumstances now if you find this video
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informative please subscribe and click
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on the bell to be notified when i post
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the latest videos i greatly appreciate
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your continued support as always i thank
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you for watching and have a blessed and
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wonderful productive day
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thank you
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