What if Co-borrower for FHA Mortgage has less than 2 yrs employment?

[Takunda1]

I was just curious what happens if the co-borrower of an FHA backed mortgage has less than 2 yrs employment.  Does that mean only the primary borrowers information is used? TIA

[DallasLoanGuy]

depends.

what was co-borrower doing before?

[Takunda1]

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Takunda1 wrote:

I was just curious what happens if the co-borrower of an FHA backed mortgage has less than 2 yrs employment.  Does that mean only the primary borrowers information is used? TIA

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Co -borrower was self employed. Or at least tried to be. Business did not sork out, but now is gainfully employed. has been for 10 months.

[DallasLoanGuy]

same line of work as the self employ?

is the new job in the same line of work as the employment BEFORE the self employment venture?

may still be ok. depends. may be good to go. may be an exception deal. exceptions are granted for strong files with just one little hiccup like this.

think: compensating factors.

[Takunda1]

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DallasLoanGuy wrote:

same line of work as the self employ?

is the new job in the same line of work as the employment BEFORE the self employment venture?

may still be ok. depends. may be good to go. may be an exception deal. exceptions are granted for strong files with just one little hiccup like this.

think: compensating factors.

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Thanks for the positive response. The file is strong so we'll go ahead & put in an app through our CU and see what comes out of it. Thanks again.

[DallasLoanGuy]

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Takunda1 wrote:

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DallasLoanGuy wrote:

same line of work as the self employ?

is the new job in the same line of work as the employment BEFORE the self employment venture?

may still be ok. depends. may be good to go. may be an exception deal. exceptions are granted for strong files with just one little hiccup like this.

think: compensating factors.

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Thanks for the positive response. The file is strong so we'll go ahead & put in an app through our CU and see what comes out of it. Thanks again.

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will you let me know how it goes? with a link to this post....

thanks

[Anonymous]

I'm in a similar situation.  Out of the last 2 years of employment history that is requested, I have only worked the most recent year... the previous year I was finishing up a Master's degree and a 2nd Bachelor's degree which I'm told that since they both directly relate to my current position and career field that this will suffice.  We're filing a joint application and my boyfriend has 4 solid years of employment with the federal goverment.

Let's hope that's good enough!!!

[ShanetheMortgageMan]

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starconfetti wrote:

I'm in a similar situation.  Out of the last 2 years of employment history that is requested, I have only worked the most recent year... the previous year I was finishing up a Master's degree and a 2nd Bachelor's degree which I'm told that since they both directly relate to my current position and career field that this will suffice.  We're filing a joint application and my boyfriend has 4 solid years of employment with the federal goverment.

Let's hope that's good enough!!!

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You should be golden.

[DallasLoanGuy]

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ShanetheMortgageMan wrote:

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starconfetti wrote:

I'm in a similar situation.  Out of the last 2 years of employment history that is requested, I have only worked the most recent year... the previous year I was finishing up a Master's degree and a 2nd Bachelor's degree which I'm told that since they both directly relate to my current position and career field that this will suffice.  We're filing a joint application and my boyfriend has 4 solid years of employment with the federal goverment.

Let's hope that's good enough!!!

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You should be golden.

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yes, the education will need to be documented with transcripts most likely. but willnot be a problem getting the loan.