FHA LOAN

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cheralexm

39 Posts

Posted - 08/04/2008 : 07:11:28 AM

Have client that graduated from college 9-07. He has one full time and two part time jobs as of 9-07. Can I get an exception from any lender for an FHA loan for the part time jobs since he was a student. I have gotten it done before on the full time. Many thanks.

jtm7332

500 Posts

Posted - 08/04/2008 : 07:15:35 AM

That is going to depend on the lender. Typically you need a 2 year history for part time jobs but it makes sense to use the income since they were in college during that time. I know this does not exactly answer your question...but I would call some AE's.

cheralexm

39 Posts

Posted - 08/04/2008 : 07:20:50 AM

Thanks Jesse. I will do that.

EquitySmart

1240 Posts

Posted - 08/04/2008 : 09:47:56 AM

Even if the borrower has not been working the part time jobs for 2 years, it still helps to get income documentation and VOE to verify this income, since it can still be considered a compensating factor (even if the income is not being included in debt ratios)

jvanpetten

2545 Posts

Posted - 08/04/2008 : 10:12:16 AM

Did he work at all during school? That may help.

cheralexm

39 Posts

Posted - 08/04/2008 : 10:55:14 AM

Yes, he did work while in college. He didn't pull in a lot of income, only
$21,000.00. The job in college is in the same line of work that he has now. All of these current jobs are in the same line of work. He works with troubled youths and is employed by the State of Florida. The employers will state that the possibility of his part time jobs are good for the next three years.

I will definitely submit it as a compensating factor. Thanks.

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