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My underwriter tells me FHA rules say that if I have been off work more than 90 days, then I have to be back at work six months before I can get an FHA loan. I thought that only applied to an extended leave of absence.
I have been in the same line of work for over 20 years. In the past 2 years I worked for employer A for about 15 months, but quit despite having just been given a promotion. I was immediately offered the job I have now (job C), but it wasn't going to be open for awhile, so after a 4 month search I took job B. After 15 months I was laid off from job B, and accepted the job offer for job C, mentioned above. However, I received 4 months severance pay from job B, and put off starting job C for that length of time so that I could have a couple of surgeries done that I'd been putting off.
I started job C, and began a house hunt, and now, about a month and a half later, I have a contract on a house that is supposed to close next week, but I am concerned that this loan isn't going to go through, for the above-mentioned reason.
Am I correct in thinking that this is this an underwriter thing and not an FHA thing? Should I try another lender?
4 month break - but had severance and took care of some "deferred maintenance"
Job C 1.5 months
If your financial obligations didn't suffer and you haven't been on the job for 6 months,yes, you can get a mortgage, but the income calculation reverts to "job hopper" calculation, where they average the income for the most recent 2 years. Job hopper is anytime there is not continuous income. Had you not had the breaks, there would be no issue. If Employer B actually kept you on the payroll for 4 months (paid insurance & benefits), you may actually have continuous employment. Are you certain about the date of termination?
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