Kentucky First Time Home Buyer Programs For Home Mortgage Loans

EMPLOYMENT PROFILE TIPS (FANNIE AND FHA) FHA requires you to establish that the income is in fact stable. I am covering Time on Job, Part Time Income, Seasonal Income and Job Gaps below. Time on Job There is not a minimum length of time a borrower must have held a position for the income to be eligible. However, the application must identify the most recent 2 years of employment. If the borrower’s employment history indicates that they were in school or in the military, then the borrower must provide evidence supporting this such as college transcripts or discharge papers. The current type of employment has to be supported by the college transcripts or discharge papers showing that he borrower’s training enabled them to gain employment in their field of training. Part Time Income  Part-time and second job income can be used to qualify if documentation is obtained to prove that the borrower has worked the part-time job uninterrupted for the past two years...

What income is okay for a mortgage loan approval? I have put together some information to help assist you in answering some questions about qualifying for a mortgage loan when it comes to your job history and income.  Wage Earner: -2 year history of employment unless college/training recently completed and borrower is employed in field -Most recent paystub showing 30 days of earnings -2 yrs W2s -If working for family owned business tax returns required -Borrowers who own 25% or more of company are considered self-employed -In cases of skilled employment may use letter of hire if borrower hasn’t started job. Must be guaranteed, nonrevocable, and start work within 60 days of closing. Borrow must have sufficient funds for living expenses until then. Self-Employed -Two year history of self-employment -Two years tax returns + YTD P&L Commission Income -Two year history required w/ few exceptions -If more than 25% of income is from commissi...