How many months of bank statements for FHA?

[Anonymous]

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.

[Anonymous]

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...

[Anonymous]

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!!

[Anonymous]

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.

[ShanetheMortgageMan]

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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.

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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.