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How many months of bank statements for FHA?

Frequent Contributor

How many months of bank statements for FHA?

Just wondered how many months they would need. Hoping to get downpayment assistance so not much in reserves. And also hubby in 2006 had W-2's but this year got a 1099. However he is in the same position and employed by the same company. He works at our church. Would that work or will they just need check stubs? I have been getting W-2's for 4 years same company.
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Valued Contributor

Re: How many months of bank statements for FHA?

My LO told me he needed 60 days worth...and that was yesterday...but Shane said..they can also use a VOD (Verification of Deposit)...in exchange for bank statements...
Message 2 of 5
New Contributor

Re: How many months of bank statements for FHA?

We needed one month of bank statements, 4 weeks pay stubs that included YTD income, 2 years W2s.
 
That was for the FHA we just got.
 
-Igotttahouse!!
Message 3 of 5
Valued Member

Re: How many months of bank statements for FHA?

We needed 2 months of statements when we applied. My husband in 06 was a w-2 then in 0-7 he was a 1099 for a different company and our lo said that was no problem cause he was still in the same job catagory as the year before.
Message 4 of 5
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Super Contributor

Re: How many months of bank statements for FHA?



smooshiesmom wrote:
Just wondered how many months they would need. Hoping to get downpayment assistance so not much in reserves. And also hubby in 2006 had W-2's but this year got a 1099. However he is in the same position and employed by the same company. He works at our church. Would that work or will they just need check stubs? I have been getting W-2's for 4 years same company.

If he's been 1099'd for at least a full year then it can be considered, if it's less than a year then he'd have to wait at least that long in order to use the 1099'd employment.
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