All Forum Posts by: Anthony Sigala

Hello @Anthony Sigala! I have some news for you, FHA does NOT require a 1 year work history!

Sadly, FHA has a 2 year work history requirement, as does Conventional and USDA financing.  FHA and Conventional loans will allow schooling to count as work history. USDA does not.

If you have a job gap (6+ months of unemployment) on an FHA loan, then you have to go back 2 years prior to the job gap AND be back to work for 6 months before you are eligible.

How to avoid this?  Do a conventional loan! If you are looking at FHA because of credit score, then I would work on credit scores to qualify for conventional financing or see if you can get a very strong coborrower with high scores.  

If credit scores are fine, and you are just new to the work sector, then I would suggest doing a conventional loan with a strong income "non-occupying coborrower".  You do not actually need any income if they have high enough income to afford their bills plus your new house. As long as you are on the loan, on title, and live in the home for 12 months minimum, then your non occupying coborrower can qualify for 5% down at owner occupied rates. Once your income is stabilized, you can do a refinance to remove your coborrower back off of the conventional loan. 

Let me know if you have any other questions!

Let me know if you have any other questions

Are you looking to flip? Or looking for long term rentals for buy and hold?