With the current unemployment rates across the U.S. it is common for many people to be receiving some kind of unemployment compensation. There are some cases where you can use unemployment income as income when getting approved for a FHA home loan to buy a house.
Generally, to use unemployment income, you must have been receiving it for the last two years. We will ask for copies of your last two years tax returns to show that you have been receiving it. The borrowers that are generally able to unemployment income to qualify are seasonal workers who are laid off at specific times every year. For example someone who works in the fishing industry for six months and then is laid off for six months, would have a excellent chance at being able to use unemployment income to help qualify.
The FHA loan is the best loan today to buy a house with a small amount down. Here is a review of some of the highlights:
- FHA loans are not credit score driven, even if you think you have bad credit you may qualify
- Only 3.5% down required and that can be a gift from a relative
- The seller is allowed to pay all your closing costs
- Flexible underwriting standards
- 3.5% down also on duplex, triplex and fourplex properties
- Loan amounts up to $729,000 in many areas
Please give me a call at 858-922-7899 if you have any questions or don’t hesitate to email me at homeloan8@gmail.com.
Warm Regards,
Rob Chomentowski
Sr. Loan Officer (and FHA specialist)
858-922-7899
Home Buyer Tax Credit to be Extended and Eligibility Expanded - Great News For FHA Loan Home Buyers
You must log in to post a comment.