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Americans should be enjoying the holidays today. But for 1.3 million Americans, because Congress failed to act, today marked the end of their federal unemployment insurance.

Unemployment insurance is a vital safety net that so many job seekers struggling to get back on their feet rely on, and it's suddenly been taken away just three days after Christmas. Worse, if nothing is done, millions more will lose this support in the first half of the new year. Source: Organizing for Action

FHA Guidelines for Stability of Income:

To be eligible for a mortgage, FHA does not require a minimum length oftime that a borrower must have held a position of employment. However, thelender must verify the borrower’s employment for the most recent two fullyears, and the borrower must

explain any gaps in employment that span one or more months, andindicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such ascollege transcripts, ordischarge papers.

Allowances can be made for seasonal employment, typical for the building trades and agriculture, if documented by the lender.

When analyzing the probability of continued employment, the lender mustexamine

the borrower’s past employment recordqualifications for the positionprevious training and education, andthe employer’s confirmation of continued employment.

The underwriter should favorably consider a borrower for a mortgage if he/she changes jobs frequently within the same line of work, but continues to advance in income or benefits. In this analysis, income stability takesprecedence over job stability.

A borrower’s income may be considered effective and stable when recently returning to work after an extended absence if he/she is employed in the current job for six months or longer, and can document a two year work history prior to an absence from employment using traditional employment verification's, and/or copies of W-2 forms or pay stubs.

Note: An acceptable employment situation includes an individual who took several years off from employment to raise children, then returned to the workforce.

Important: Employment situations not meeting the criteria listed above may only be considered as compensating factors. Extended absence is defined as six months.

Always positive information, never negative, always on time and keeping you informed on what’s new in the processing and underwriting of your mortgage loan application.

Robert B. SummersSouthwest Funding, LP Branch 777Indianapolis, IN 46202317-899-9935 Office317-229-6430 Fax

All information provided is that of the author and not that of Southwest Funding, LP.

Suggested by the author unemployment extension 2010 - Obama's deal and Connecticut Governor's letterunemployment extension 2010 - Obama makes the compromise, but is it a done deal?FHA: Buy a home with NO FICO!.FHA: Buy a home with a 580 FICO!FHA 203(k) Streamline Indianapolis
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