Information on FHA loan!?!?!?!?!?

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I know these are the qualifications.

Two years of steady employment, preferably with same employer.

Last two years’ income should be the same or increasing.

Credit report should typically have less than two thirty day lates in last two years.

Bankruptcies must be at least two years old, with good credit since.

Foreclosures must be at least three years old, with good credit since.

Your new mortgage payment should be no more than about 30% of your gross income.

Except for the fact about the employment. I am a stay at hom mom. My husband worked for a company for 8 years that went under. And although he did find another job pretty fast its a pay cut. Not huge but still not increased or steady like the FHA thing says. We are first time home buyers. Do we still qualify and what do we need to do to make it happen???? Anyone out there understand this situation. I am so sad about this…..

2 Comments
  1. Reply
    Pandas4me
    May 4, 2011 at 12:05 am

    the only way to know for sure is to go to your bank and see if you qualify, but it looks good from what you have said. good luck!

  2. Reply
    jlf
    May 4, 2011 at 12:57 am

    Go to an FHA lender and get prequalified. That’s the only way to know. The “two years with the same employer” thing is not a hard rule.

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