An FHA loan requires 2 years employment history for at LEAST one borrower. If you do not have 2 full years of employment dates that is FINE - however, your income can NOT be used to help qualify for the loan. You can still be on the loan they simply will not use the income when looking at debt ratios.
What we use bank statements for is several items, FHA requires that you use 500 of your own funds - we need to VERIFY you have at least the 500 in a checking/savings account and that you have had it for 60 days. If you have not had it for 60 days you will need to 'explain' how you have it now (tax refund, sold a car etc) you can NOT borrower the money or get a 'gift' from family for that 500.00 requirement.
Are you in a sales contract now? If so, call your lender right away, if not, wait no more than 3 days and call the lender. Your lender should be working FOR you, even in the pre-qualification stages. If your lender is NON responsive to you now, it only gets worse. Find a different lender, one that will call you, and work for you during this process. FHA loans require a little more time and paperwork but that afford many buyers a GREAT opportunity to become home owners.
Hope this helps and Good Luck
5 years mortgage banker
15 years financial controller
· 1 decade ago