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#300070 - 07/26/09 10:04 AM FHA Underwriting Guidelines for 2nd job
LVNV REO GAL Offline
Member

Registered: 07/20/08
Posts: 51
Loc: NV
I have been searching but cannot find the answer to a current situation:
Buyer is full time employee over 2 years on primary job as mechanic. Permanent full time good income. Buyer has second job as mechanic, permanent 30+ hours a week.
I am being told that this income cannot count because this employer relationship has been less than 2 years. Is this correct? I always believed that since it is same line of work, it should be considered. I have searched for underwriting guidelines for income and have not found a clear answer. Please help or PM me.

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#301732 - 08/07/09 04:55 PM Re: FHA Underwriting Guidelines for 2nd job [Re: LVNV REO GAL]
HSOA Offline
Junior Member

Registered: 08/07/09
Posts: 3
Loc: Colorado - Nationwide
FHA guidelines have always been 2 years on a second/part time job in order to include that income.

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#301958 - 08/10/09 04:28 PM Re: FHA Underwriting Guidelines for 2nd job [Re: HSOA]
DallasLoanGuy Offline
Member

Registered: 05/16/07
Posts: 32
Loc: Dallas, TX
Same line of work is not a good argument.
FHA wants to know that the borrower can sustain the working hours. Therefore, if they can do it for 2yrs.... FHA will allow.
_________________________
Tom Burris
DallasLoanGuy.com
"Texas Home Loans"

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#303905 - 08/25/09 03:43 PM Re: FHA Underwriting Guidelines for 2nd job [Re: DallasLoanGuy]
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
Straight from the 4155: (FHA Handbook)

Quote:
Part-time, second job, and seasonal income can be used to qualify the
borrower if the lender documents that the borrower has worked the part-time
job uninterrupted for the past two years, and plans to continue.
_________________________

"Closing Mortgages Since 1999"
Web: Mortgage Loans Message Board Blog

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