Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago on . Most recent reply
I got laid off due to Covid19, will this affect getting FHA loan?
Hi, I am a newbie who planned to get started in real estate this year; I wanted to start with an FHA loan so I can house hack. This summer I would have been employed for 2 consecutive years. As I understand it you need to be employed for at least 2 years to qualify for an FHA loan.
I have been laid off from my job due to the corona virus and I am now collecting unemployment. My boss told me that this will be temporary and that they will hire me back as soon as possible. Will this disqualify me from getting an FHA loan? I hope not, I was really looking forward to buying my first house.
As of now all my plans, real estate and other aspects of my life, are on pause while we get through this situation.