FHA loan questions to ask my lender

[Cosette Trantow]

Hello everyone in BP land, I hope you're well. 

Part one of my real estate investing plan is to get an FHA loan for a house hack. There's a large speed bump on my road there, however, because my work has not been stable during this year (business closed, then I got a summer job that just ended, and now I'm looking for employment again). I know that for an FHA loan the lender wants to see 2 years worth of employment.

I have a few questions about what they want to see for employment as well as many other things pertaining to an FHA or VA loan and I don't want to bog down the forums here with everything I want to know. I'm going to go to my credit union and talk to their loan officer to get as many answers as I can, but I'm still at the point where I don't know what I don't know, so I'm hoping that some of you can provide me with questions or situations to ask the lender about that I may not know to ask.

I appreciate your help, 

Cosette

[Cosette Trantow]

Wow, I’m amazed at the thoughtful and informative replies. Thank you. Knowing that I can explain my bouts of unemployment makes me feel so much better. 

@Art Shalomov I will definitely look into a mortgage bank. I didn’t even know there was such a thing so thank you. 

@DeWitt Gibson I appreciate being able to see that information direct from the manual. I’m one of those people who likes to see the rules and regulations in writing. Maybe I got that from the military.