Updated over 3 years ago on . Most recent reply
FHA loan requirements question
Hey there, I've searched into this a bit, but I just want to make sure I'm understanding it correctly.
I have been working abroad for 4 years and I'm about to come back to the US. Am I correct in thinking that I would need to get a job as soon as possible within the same field, and then hold that job for 6 months before applying for an FHA loan; more specifically a 204k?
Most Popular Reply
FHA only requires a 2 year work history in general, it doesn't all need to be in the same field. FHA will allow you to get a loan at the time you are getting a new job and you will just need to show 30 days worth of pay stubs prior to closing the loan. However different lenders have overlays, meaning that lenders guidelines are tougher or more restrictive than FHA. So ask the person that is doing the loan if their company has overlays on the FHA guidelines. If so, do they have one regarding how long you must be working before they will approve the loan.
I hope this helps?