Exceptions to FHA 2-year employment rule???

Ive run into this issue before where it was only 7 months of employment history since returning to the workforce and we could NOT include that income but I would think with over 1 year and closer to 2 years with stable earnings should allow to inlcude that income for qualifying purposes. You may want to get this specifically addressed with a loan officer and have them run the scenario past an underwriter for feedback no.

FHA allows for exceptions in the 2 year rule, but some lenders have overlay's that disallow less than 2 years.. For this reason, you're better off contacting a local mortgage broker and apply with them.. Because they have a network of multiple lender, they can find the right lender for your particular scenario.. You should have no problem at all... so start looking.. 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

Most lenders will look at the whole picture and not hold fast and true to the tow year rule. I've done FHA loans for folks that are on the job for 4-6 months, but were in college previously. If you are the sole bread winner, it could be a little more difficult. If your income is supplementing the household income it is probably usable by the underwriter. Work with a local out of college only 4-6 months, and their current job is only Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you to an investor that will accommodate your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Based on the info you provided, you should have no problem getting the loan. Find a local lender and apply.

You have some good responses and if you would like to get to the bottom line today I can give you direction over the phone for the best rates and fees. I am a resident of Pennsylvania and would be glad to speak with you today. Mark 302-449-7373. We are also approved for the other federal programs that may be worthy of considering.

Some really good answers here, the take away is that each lender has a diffrent idea to what they are exactly looking for.

Hi, Sorry you are getign conflicting information. But the fact of the matter is that you are not required to have a 2 year employment history when applying for any loan, nonetheless an FHA loan. That said yes we do ask for a 2 year employment history, but that has no basis on your approval. The 2 year rule applies to individuals who are self-employed. If you are, then yes your income probably will not be able to be counted until you file 2 consecutive years tax returns. However if you are not self-employed, and are a W-2 employee and receive regular paychecks etc... You should be prefectly fine. If you'd like to cut through the clutter and dicuss your situation I can also provide you with much more informatio you will find extremley useful. I am the manager of a Federal Savings Bank. Our office is located in New Jersey, but we do extensive lending all over P.A. Jarred V. Minieri - Branch Manager; First National Bank (866)640-5513 - jarred@betterfinancing.net

All answered well but make sure to check with the lender you have in mind that their guidelines will allow your situation with them.

What will matter is the findings once ran through the automated underwriting system. FHA will make exceptions, but you need to be sure you are using a lender that does not use overlays requiring 2 year history regardless of the findingsCall us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Good answers. Contact one or more of the forum members in your area.

6 months of employment after returning to work should be sufficient for FHA. Same line of work, though.