Could we get approved for a $150,000 home loan (FHA) with me having a term/temp job?
Could we get approved for a $150,000 home loan (FHA) with me having a term/temp job (2 to 4 years in the federal government, but only 2 guaranteed)?
We are FTHB’s currently under contract on a short sale for $150K (FHA) waiting for the third party approval. My husband has a permanent full time job making about $23.5K/yr, and I make $51.5K/yr. Both our credit over 620. Total debt about $630/mnth. We had red flags from a previous home loan we applied for that never went to underwriting that we are working on clearing up (few overdrafts on our previous bank statements, no history of savings, severely increasing house payment, pay day loan on bank statement, and income stability). Those red flags will be cleared up by the time we go to underwriting (no payday loans on the 2 statements given, no ODs, housing payment increase only $300 more than our rent compared to $700 previously, & a slight pattern of savings within 2 months time which will be a little more than the 3.5% required down payment (including $1000 gift funds). The only thing I can’t change is my federal government 2 to 4 years temp job, of which only 2 years is guarenteed, but it is extendable an additional 2 years. Two years will end 10/2011. Do you think we can be approved?
yes. lender just looks at current pay stubs. they do not know how long your employment will last. none of us have jobs guaranteed for eternity.
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yes. lender just looks at current pay stubs. they do not know how long your employment will last. none of us have jobs guaranteed for eternity.
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