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work experience reqs for fha

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Anonymous
Not applicable

work experience reqs for fha

     For a petential fha loan I had  a few questions pertaining to employment requirements.  I have a steady and stable income.  I have had the same job for 2 yrs, but halfway through I moved to a different location (Best Buy) from idaho to utah.  Prior to that I worked as a restaurant general manager for 1 1/2 yrs.  So I have a solid continual employment history, but I was just concerned because when I moved to utah my title changed even though my responsibilities are pretty much the same.  (in our workplace you go around and help customers all over the store pretty much no matter what your title is, they only use most titles to assign which areas the labor dollars are going to be impacted to stay in budgett and often reclass hours worked to even out the labor budgets anyway(i.e. say you worked in x area this week, even though you are technically on y area's roster.  Titles used are pretty generic too like customer service specialist and customer solution specialist, even though they really do the same thing.    Like if i was applying for another job they would just say I had 2 yrs experience in retail, they would not evaluate or differentiate the experience between what I did at a retail store.

 

   I was just curious as to how picky lenders and underwriters are going to be with my title change and move, even though im with the same company for 2 yrs.  Do you guys think they will take issue with any of this, or I am overthinking things?

 

(additional details on employment. I am a top performer with consistant performance and place high in district placing in many metrics, I have won many awards for customer service, I get many personal comments which are kept in company records from customers giving remarkable reviews and much praise.  I have been in leadership groups for persons of great potential that are designated for future leaders.  The same wth my employment from the previous company as well, all my co-workers, customers, subordinates, and superiors alike from both company's would vouch for me.)

Message 1 of 4
3 REPLIES 3
Tweak3D
Member

Re: work experience reqs for fha

my understanding is that as long as you are with the same employer for 2 years, it doesn't matter if your title has changed. what they will be looking for is has your pay stayed the same, gone up, or gone down. the first 2 are fine, but the latter creates potential problems.

Message 2 of 4
boomhower
Valued Contributor

Re: work experience reqs for fha

You fine on the work history.  Generally they want 2 years in the same industry, your with the same employer so no issues.

Message 3 of 4
Anonymous
Not applicable

Re: work experience reqs for fha

         YES!!  I am relieved that was one of the biggest concerns I had since the first loan officer said it did not look good with me moving so much, and then it had only been 1yr i was with the new employer, and the previous employer I had moved for a promotion, and with the company I'm at now I when I moved to utah I had to stay at the in-laws for a few weeks till the apartment was ready, so that just added to what he saw as jumping around since technically I had moved more than usual, but none of the moves I could really help and/or weren't without really good reason(doubling my salary is a good reason to me) but he said just in general it didnt look good bouncing between residences, and jobs,  which is why i have stayed with the company and with the apartment I am at now, so I can be seen as more stable and like I am ready to settle down. (which I am, trust me lol).

 

    and just to clarify you are saying they won't take issue with the title change, but what about moving if I've been at the same place for a yr are they going to gripe about my past bouncing around?  To me it would seem normal a young guy trying out different roles and fields trying to find what he is going to be happy with and work out best for his family in the long run.  Will the banks see this way or think I am flaky?

Message 4 of 4
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