FHA Home Loan - Change of Employment
Hello. My husband has been in the same line of work for a little over two years; he is an Engineer.
In Feb. 2015, he went from being a W-2 employee to a 1099 employee. We were pre-qualified by a Lender, signed a purchase contract on a home, but I am now a little nervous because our Loan Officer is not the the best communicator.
He stated that he would use an average of my husband's adjusted gross income from his 2013 and 2014 tax returns, then would verify that my husband is currently employed and his YTD. We are getting an FHA loan.
Other Lenders said this was impossible, but I trust that our Loan Officer knows what he is doing, and because my husband has been in the same line of work, we feel positive.
We are supposed to close in less than two weeks; title work in progress, appraisal complete, etc.
Should there be any cause for concern on our part? Also, we are in Florida. Thanks a bunch!
Co-Borrower and Down Payment Assistance
(Pine Bush NY)
Hello. I am permenately disabled and want to purchase a home. My income is very low and my mom is going to cosign on the loan. Is it true that I cant get down payment and closing cost assistance for a fha mortgage if I have a cosigner? I live in the Hudson valley in ny and my income is only $1024 a month! So my mom has to cosign i cant get a mortgage any other way. Please help. Thank you