July 20, 2015
FHA Loan Employment History Rules
One common topic many borrowers have questions about when they want to apply for FHA loans involves employment history. How long do you have to be on the job with your current employer before you can qualify for an FHA mortgage loan? Believe it or not, FHA loan rules state that there is no minimum length of time you have to be with your current employers in order to be considered for a loan. According to HUD 4155.1 Chapter Four: “To be eligible for a mortgage, FHA does not require a minimum length of time that a borrower must have held a position of employment. However, the lender must verify the borrowers employment for the most recent two full years, and the borrower must –explain any gaps in employment that | more...