Many people have lost their jobs or have been laid off with the economic conditions in the U.S. the last few years.  But if you are looking to get a FHA home loan in California, you may not have to be back on your job as long as your think before you can qualify for a 3.5% down FHA loan.  FHA loan requirements only require you be back on your job for six months after being unemployed to be able to use your income to qualify for a FHA loan.

Here is what FHA loan guidelines will be looking for when you apply for a FHA loan after being back on you job for six months after an extended layoff:

• Generally you will have to be back working in the same line of work as before the layoff
• FHA requirements will not allow you to count any bonus income or overtime, only your base income can be counted
• FHA guidelines will most likely ask for a verification of employment from your employer which breaks down you may and the likelihood of your employment continuing
• FHA guidelines may ask for documentation of your previous employment prior to the layoff

So there is much hope to get a FHA home loan in California if you are back on your job full time after an extended layoff.  Don’t hesitate to give us a call 858-922-7899 or email at homeloan8@gmail.com if you would like to be approved for a FHA home loan.

Below are some of the most up-to-date advantages of FHA loans in California:

• FHA loan limits in California go up to $729,750 in many areas such as Los Angeles, Orange County, San Jose, and San Francisco.  In San Diego the FHA loan limit is $697,500.
• FHA loan down payment is 3.5% and can be a gift from a relative
• FHA loan requirements are the most lenient regarding credit and income of all mortgage types today
• FHA loan rates are still hovering at 60 year lows

Regards,

Rob Chomentowski

homeloan8@gmail.com

Sr. Loan Officer (FHA, VA, USDA, Homepath and conventional loan specialist)

858-922-7899