FHA loans in Plymouth, Michigan can be pretty hard to understand. As a matter of fact, the whole process of buying a new home can be a really complex, frustrating experience. But it shouldn’t be that way. At Gem Home Loans, we’ll do everything we can to make the process as smooth and easy as possible. You can rest assured we’ll do all the heavy lifting so you can focus on the exciting times ahead.
FHA Loans and Work Requirements
A lot of people are self-employed, or work in ways that most people would consider non-traditional. If this applies to you, you might not think you could ever be approved for an FHA loan. But that’s not the case at all.
In most cases, a borrower has to show at least two years of employment stability. There are, however, exceptions to this requirement. For example, if you haven’t been self-employed for the last two years, you may still be able to obtain a loan. If you had a job in the same field and then decided to branch out on your own, you could qualify.
These are a few of the other exceptions to the FHA’s “two year rule.”
- You were a full-time student during part of that two-year window. As long as you can produce your college transcripts, you might be able to get approval.
- You served as an active member of one of the branches of the U.S. Armed Forces. All you need to do is provide verified military documentation showing your service.
- You had, or have, a medical condition that made it impossible for you to work. You’ll need to provide a letter from your doctor detailing the condition.
- You’ve stayed at home to raise your children. Many stay-at-home parents have been able to obtain an exception. However, this can be somewhat complicated. A Gem Home Loans expert can tell you more.
Other Important FHA Employment Information
Here are some of the other employment requirements that affect people who want to obtain an FHA loan.
- Lenders will typically be required to contact a borrower’s current employer to verify employment. If the borrower hasn’t been with that company for two years, the lender will then have to contact the previous employer as well.
- You don’t have to have been with your current employer for two years. In fact, you could have had multiple employers and still be able to qualify.
- Your employment doesn’t have to be in the same profession. As long as you have a stable employment history, you may be able to qualify.
- If you have employment gaps of one month or longer, you need to be able to provide an explanation. While there is some flexibility, it only goes so far. If you simply chose to take a break from working, or you couldn’t find a job for a certain period of time, those might not be seen as acceptable reasons.
If You Have Questions, Gem Home Loans Will Have the Answers
As you can see, there are some complexities that can be involved with obtaining FHA loans in Plymouth, Michigan. But the friendly, caring professionals with Gem Home Loans will be here to answer them. All you need to do is to give us a call at (248) 780-1030 or get in touch with us by using our online contact form.