Was your home loan denied due to a gap in employment due to COVID?  If so, FHA recently changed its guidelines, and many more people are likely to qualify.  If you had a gap in employment and you are in the same line of work for at least 6 months, you no longer need to be employed at your present position for 6 months. FHA will consider the same line of work as demonstrating income stability.  Let’s talk if this sounds like your situation!
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Was your home loan denied due to a gap in employment due to COVID?  If so, FHA recently changed its guidelines, and many more people are likely to qualify.  If you had a gap in employment and you are in the same line of work for at least 6 months, you no longer need to be employed at your present position for 6 months. FHA will consider the same line of work as demonstrating income stability.  Let’s talk if this sounds like your situation!

ByBrandon Butler

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FHA – Calculating Effective Income After a Reduction or Loss of Income for Borrowers Affected by Presidentially Declared COVID-19 National Emergency, Mortgagee Letter 2022-09, Effective immediately or with case numbers assigned on or after September 5, 2022.

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