Can I get a home loan with less than 6 months on the job?

In reading both your posts, the only thing that really matters is how the scenario looks in the eyes of an underwriter. It doesn't really matter if you are starting the business or have worked there for years and are now buying it. Statistically, the odds of the business failing in its first two years of existence are high. Statistically, the chances of an ongoing business failing after a change in ownership control are also high. It is for these reasons you will not find a lender that will approve your loan relying on his income. Also, generally, the income of someone who is re-entering the workforce after a period of being out of the workforce is not considered as a primary source of income for qualifying purposes.FHA does allow for a non-occupant co-borrower. This would allow you to use their income to help you qualify. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

An FHA loan will allow for a self employed borrower to only have one year of self employment if they can provide proof that he/she has a history in that line of work. An audited YTD financial statement will have to be provided along with any tax documents. Best Of Luck!

when your husband becomes self employed, he has to have two years tax returns as a business owner to use the income to qualify for a mortgage.. Since most new businesses lose money in the first few years, it's possible you won't qualify for several years.. if you have had no job for years, and suddenly back to work, then unless you have 2 years employment, the lenders won't use your income either... your only hope is to find a co signer.. co signers will not help when it comes to bad credit, but it can help if you have no income.. (Income as defined by guidelines)... your co signer has to have enough income to support their own debt, as well as the new mortgage payment, and still be within industry standards for debt to income ratios.. Mom, Dad, in-laws, uncle, brothers, sisters.. etc.. can all co sign.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

FHA does not set a minimum time that you have to have a job. The undewriter will evaluate the likelihood of your income continuing as the most important aspect. If you could qualify on your income I would think you have an excellent chance at a loan. If you need your husband's unemployment insurance income to qualify then it is unlikely that you will qualify. It is possible to make a case for your new business if the existing business is well established and you can document his ability to run the business. As mentioned previously a co-signer is always an option on a FHA loan. If you would like to provide me with more detail please feel free to email me at joe.lavallie@homestreet.com

JWHAT I DO not understand is, your husband is collecting, or will be , collecting unemployment, for a business that he has worked for , but now is he buying the business??? that will be your biggest hurdle..linda

Sorry you guys will not qualify right now. Once your husband buys the business he will need to have filed two years tax returns to qualify and you will need 2 years work history.

Hi Shane,Curious where you will be moving to? If FL, contact me and I can help you with a non-institutional mortgage and explain the process to you.Lisa - 386-569-3761