FHA Lender Guidelines

[Michael Doherty]

Hi all,

I was hoping you could help me answer a few questions regarding FHA guidelines and how strict lenders interpretations are of them.

My current situation is that half my total compensation is commission based. Based of FHA guidelines you need to show at least 2 years of pay statements (I currently have 1 year).

After talking to 4 lenders, 2 said they could not approve me because of this rule. However, the other 2 lenders said they could approve me and take 1 years total comp including commission and divide that by 12 to get an average monthly number. The reason being that some lenders are more stringent in their interpretation of FHA guidelines.

Can anyone comment on this, and what I should make of this? Will I be pigeoned holed down the wrong path if I pursue with the lender that approved me, or is this normal practice? 

All comments would be appreciated, thanks!