FHA Loan Requirements for Self Employed Borrowers is a post from: FHA,VA and Conventional Home Loans in all 50 States

Getting a FHA loan in California for self employed borrowers can be much trickier than w-2 borrowers.  FHA lenders will take the NET income off your last two years tax returns and average that to calculate your income to qualify for a FHA home loan.  If your income went down substantially from one year to the next, sometimes it can be difficult to obtain a FHA loan.  If your income went up, the FHA lender will still average the two years.

So here is a tip for 2012.  If your income will go down from 2010 to 2011, you may want to hold off on filing your tax returns for a while.  Because if you have not yet filed your tax returns, FHA loan requirements will only require your 2009 and 2010 returns and go off those to determine your income.  If you file an extension, you could use your 2009 and 2010 returns all the way until October 15th.  But if your income is going to go UP from 2010 to 2011, and you need that extra income to qualify, you will want to file your 2011 returns as soon as you can before you apply for a FHA home loan so you can count your 2011 income.

If you have any questions about this please don’t hesitate to call 858-922-7899 or email me at homeloan8@gmail.com.

Below are some highlights of the FHA loan mortgage in California:

• FHA loan credit score does not need to be perfect.  Give us a call we specialize in analyzing credit scores and helping you improve them.
• FHA loan requirements allow a non-occupant co-borrower
• FHA loan down payment is only 3.5% and that can be a gift from a relative
• FHA loan interest rates have NEVER been this low

Related posts:

1. FHA Loans For Self-Employed Borrowers
2. Qualifying for FHA Loan In California When Self-Employed
3. FHA Loan Requirements for 2010 Tax Returns

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