patrick.net

Your friend would be wrong, they write loans on any house you can get insured, and meets other structural criteria. What they don't do, is loan to those the program was and is designed for.
Don't you question the new design, you're neither approved nor declined...

The People FHA really want to loan money to, and are the least risk, don't work on W2s.
But that is the biggest requirement, you must have a W2 for the same employer, for the last two years.
And what ever that amount is, is the amount you are approved for. You can make 150K a year, with 3 and 4 years of kosher tax returns to back it. If you don't have a W2 from the same employer, then you will get turned down. And not 1099s they don't count.

Now get this... Say you are Contractor that whores your self out to a bunch of companies a year and you make 250K a year, but all of those accounts are corp to corp 1099s. Now say you have this small piddly account, that you have been servicing for the last five years, since you left there and are still paid part time, by computerized payroll and W2's every year for about 30K. Well guess what, FHA will send you out a qualification letter for a house based on the income of 30K a year. That's roughly only a 45-50K house.

Guy making 280K a year, and is only qualified for a 45K house. Now Marge over at the school, she's been working on a W2 for the last 24 months. She qualifies, but if she has deposited any money in her bank account for the last two months, from any other source other than payroll, she'll have to show a paper trail. So if the Ex-Hubby pays her Alimony, and Child Support by cash which she just deposits in the bank, or if her Sister decided to pay her back that $1200 loan she borrow years ago, (and what better time to pay it back, sis is buying a home after all?) She will most certainly be disqualified. I

I was called by the bank two times a day, often from different loan officers, asking me to produce paper trails for money I deposited in my account, as far back as three months.

The Title company legal Secretary that handled my closing, and both Realtors present agreed, that I was lucky that FHA loans have become a paradox that is hard to get.

I was complaining all of the hoops I had to go through, they assured me, now that I'm in the house, I'm better off. I guess I'm just lucky I closed. In one month they gave a scalp of grey hair had me on the edge constantly, from time sensitive responses or the deal was off, to good cop bad cop on the format of information and explanation letter I sent. Making me rewrite and send some three or four times over.
We closed one day late, and I went to bed on the closing day, not sure I had a FHA loan or not.

I never got nothing concrete or definitive, and was told by my broker don't call the moving company until you have the keys in your hand. As a result, I was not able to make 0 plans, we were just in limbo hoping we closed.

damn TBP, was it really that bad?

you sound very defeated after finally attaining the Merican Dream! what gives. just be glad you are an owner now and not a gross renter

Thanks 10oz. The 2 years FT W-2 is probably a deal breaker for me. Get out the bull dozer....

FT was waht happened to the potential buyer 3 buyers ago. Multiple PT was NOT Ok with mortgage company.