Seeking Insights on FHA Loan Eligibility for Independent Real Estate Agents

[Wencheur Antoin]

Hello BiggerPockets Community!

I hope this message finds you well. I'm currently exploring the possibility of applying for an FHA loan and had a couple of questions, and I'm eager to tap into the collective wisdom of this fantastic community.

1. FHA Loan Eligibility for Independent Real Estate Agents:

- As an independent real estate agent working on a 1099 basis, I'm curious about the employment verification requirements for an FHA loan. Traditional guidelines often require proof of employment for the past two years with a steady income. How does this apply to real estate agents who operate as independent contractors rather than W-2 employees? Can independent agents qualify for an FHA loan, and if so, what documentation might be necessary to satisfy the employment verification criteria?

2. Americans Working Abroad and Income Declaration:

- Additionally, I'm wondering about the scenario where an individual is an American citizen working abroad and did not fully declare all of their income or any income at all, how might this impact their eligibility for an FHA loan? Are there specific considerations or steps that need to be taken in such cases?

I greatly appreciate any insights, experiences, or advice you can share on these matters. Your collective expertise is invaluable, and I look forward to learning from your experiences.

Thank you in advance for your time and assistance!

Best regards,

Wencheur Antoin