Phenomenal FHA Loan Guidelines

by Willy
(San Francisco, California, USA)

Ask Kate about Phenomenal FHA Loan Guidelines for buying a first home: Hi Kate, I am planning on moving back to Pennsylvania in August and purchasing my first home through an FHA loan.


Willy continues... My credit is excellent and I am planning on putting 3.5% down. I have pay stubs and tax docs showing I have lived in Pennsylvania for 8 years, until 6 months ago when I moved to California.

Would there be any restrictions because of the fact that I live out of state in California and want to apply for an FHA loan in Pennsylvania? Thank you!

Kate Answers: Phenomenal FHA Loan Guidelines for Buying a First Home

Ask Kate at Get-Your-Best-Mortgage-Rate.com
Dear Willy, I am so happy to hear that you are planning to buy your first home using the phenomenal FHA mortgage!

In my opinion, it is the premier loan package for first time home buyers.

All kinds of myths surround FHA financing. But don't worry, the fundamentals revolve around the following basic categories.

  1. Income, employment, and job history
  2. Credit scores and credit history
  3. Spending and saving habits
  4. Down payment and appraised value of the home
But let's just stick to discussing income, employment, and job history today.

FHA Home Loans and Your Income

To get an FHA home loan, you will need to have employment lined up in Pennsylvania. Although having a steady income is an excellent start, in addition your mortgage company will ask these types of questions.
  • Do you have a written offer letter?

  • Is your new job in the same or similar field as previous employment?

  • Will your date of hire occur before buying a house?

  • Will your first paycheck be issued before your mortgage closes?

  • Will you be paid on salary or by the hour?

  • If hourly, will your employer define the number of hours per week or month?
More than the fact that you are moving from one state to another, your FHA mortgage lender will have many questions about income, local employment, and your job history.

So be prepared at your mortgage pre-approval appointment. Take a letter of explanation, detailing why you moved from Pennsylvania to California and back home again, including names, addresses and phone numbers of past employers for the current year and past 2 years.

If you will be paid on commission or self-employed, your mortgage professional will want to discuss the details with you.

FHA Appraisal and Home Inspection

Since you are buying a first home with FHA financing, you should know that an FHA appraisal is not enough to protect your investment. Find out why here -- Why FHA Appraisal Is Not Enough.

Want to know what your lender knows about FHA? After you finish my article on FHA appraisal, continue through the links to benefit from my entire FHA home loan mini-series, as always, written from my unique perspective.

Comment and Link To This Page

Willy, one more thing. Is this page is helpful to you? I'd like to hear back from you.

You (or anyone else reading this) can comment on Phenomenal FHA Loan Guidelines. Or Ask Kate another question.

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Best wishes,
Ask Kate

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