March 23, 2016
FHA Loan Questions: Employment Gaps
We get many comments and questions about FHA home loan rules in our comments section. Here’s one of the most recent. “I have some money saved up, however I have not been employed for 2.5 years. I would like FHA loan if possible. My main issue is all my money is cash and not in the bank, and I have NO employment history for the past 2 years.” Basically it seems that the reader is asking whether an FHA loan is possible without a job. This is a complex issue-FHA loans permit the lender to consider public assistance, for example, as income. The source of income must be verifiable by the lender and deemed likely to continue. However, in the case of this reader question, there is no income at | more...