Mortgage Broker needed... Do I qualify for an FHA Loan?

[darrenito1234_IHB]

I would like to thank you all in advance for replying to my question if I don't directly reply to you afterward.



A little background:



Looking for a home in Irvine.



I worked as an engineer with the same company for 5 years. In April of 2007 I quit this job and opened up a retail store. 18 months later I went back to work at a different engineering company and have been employed with them for 6 months. I have been getting mixed answers from my mortgage broker on if I qualify for a FHA loan based on their steady employment criteria.



Can anyone help me with this or point me to some lenders that can help?

 

[Soylent Green Is People_IHB]

Depends somewhat regarding the unwinding of the retail store. If sold, no issue. If BK'd - trouble. That is likely the first question from an UW. Second question - are you straight salary or salary, plus bonus. Straight salary A-OK. Salary, bonus...no can do. A person who switches careers then returns to their original employment field is fine. No issue on stability of income. Dr's go to school for years, get minimum wage for some time in their field, then get pretty big salaried positions depending on the hospital they work at. Same theory here.



My .02 - SGIP

 

[OCCOBRA_IHB]

FHA or any lender usually want to see 1 and half to 2 years steady employment before they will count you income. If you are commission then they will need letters from the company to support extra income through commission but no guarantee. FHA will be the easiest to qualify vs conforming period. So many Brokers may blow you off cause they don't make much money on FHA deals.