Do you need to be working to qualify for FHA loan? - Posted by N8

Posted by Jason-DTX on January 07, 1999 at 09:45:09:

For FHA requirements you need a steady job history. If you are self employed they will require that you have 2 years experience at being self employed and they want tax returns and other related stuff to verify income.
If you quit your job and had another one lined up immediately that was in the same field then they might let the loan go through but they may not. Maybe if you worded it that way you could talk to your lender about it.
Your best bet is to get the loan first, or find a property that doesn’t require you to get a loan.

P.S. you mentioned that the property COULD be a duplex. Make sure you check the zoning before you plan on a duplex and then find out that the code won’t allow it.

Do you need to be working to qualify for FHA loan? - Posted by N8

Posted by N8 on January 07, 1999 at 01:54:44:

I was on the verge of giving my 2 week notice on Monday, when I found a property I was interested in. I had a hunch that maybe I should buy something before I quit.

I would like to find a property that has a large outbuilding or detached garage that can be converted into a recording studio (for me) and either live in half (if it was a duplex) or convert another shop, etc. into a living quarters for me and rent out the house/unit.

I found a home that could be a duplex very easily with a large shop and garage that would be perfect for me to live in. I know I can qualify for an FHA loan with my current job. However, I’m still not sure if this is the place for me, would like to look around a little more, but I’m getting very antsy about leaving my job.

Do you think I could still get financed if I left my current job? (Self Employed)

I could ask my lender, but I don’t want them to know I’m even thinking about leaving my job or they might get nervous about the loan.