Could I qualify for FHA?

[trc1962]

Hi. I will make this short and concise. I have been rebuilding my credit and am now to the point of qualifying for FHA (over 620) and I have the money to make a solid down payment (15% or more) The kicker is my job. I work as an intenerant substitute teacher which simply means I am employed every day of the school year, however the lenders I have talked with say the contract by day or week will not meet standards for a mortgage. I have extra money in the bank and wonder if that would help? I am paying more for rent than I ever would on a mortgage payment and want to own again. Thanks.

[youdontkillmoney]

More information is needed, for example you said you want to own a home again..what happened?

Anyway, this link here will highlight the information needed for people on here to help you:

http://ficoforums.myfico.com/t5/Mortgage-Loans/Do-I-qualify-for-a-mortgage-Info-that-is-needed/td-p/...

[trc1962]

My husband and I owned a large farm house that we has had renovated and  after he passed away suddenly we were living on one (lower) income. Then a few years later I had a medical issue that was very costly and I decided to sell the home and use some of the equity to pay bills. I have been working on my credit sense then and am renting while serving as a contracted substitute teacher. I would like to own again and just have a ways to go yet. Thanks for the link. I have consulted several mortgage companies and FHA is where I am with my report and score, but have to get my employment more contracted by the year.

[Anonymous]

I really have no idea what I'm talking about, so take this with a grain of salt. Can you somehow qualify as self-employed? I know that involves numerous additional underwriting steps, but is there some kind of flexibility in the FHA program to account for situations like yours? Logically (or possibly logically) speaking, the world is full of substitute teachers and I'd be disheartened to learn they are ineligble for FHA loans as a class.

There must be a way. Hopefully, someone here will know what that way is.

Sorry I can't be of more help.