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

***zz-portrait-left.shtml*** 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.

Would you like to send a link to this page for your friends and family to see? Or link to it from your website or blog?

Simply use this link --
in your email, website or blog.

Have You Seen The Most Recent Ask Kate Answers

Best wishes,
Back to more Ask Kate Questions and Answers at
VA and FHA Loan Requirements Q & A from Phenomenal FHA Loan Guidelines

Home to
Best Mortgage Rate from Phenomenal FHA Loan Guidelines ***zz-below-the-fold-affiliate-link.shtml***

Tell A Friend

Get Your Best Mortgage Rate depends on your word of mouth. Tell your friends about Phenomenal FHA Loan Guidelines for Buying a First Home using these convenient buttons.

Click here to add a comment.

You can also ask Kate about your mortgage at Ask Kate About Buying a House.

Recent Articles

  1. Lock Mortgage Rates - How To Avoid Hidden Fees

    Aug 06, 18 11:58 AM

    If you lock mortgage rates over the phone, how do you protect against excessive points and hidden closing costs? Learn what to do when your lock is threatened.

    Read More

  2. Finding Low Down Payment Mortgage Financing

    Aug 06, 18 11:53 AM

    Getting a low down payment mortgage: Learn the first two steps to financing niche properties in resort areas. Tip: It's not about timing the real estate market!

    Read More

  3. Ten Best Kept Secrets to Low Mortgage Payments

    Aug 06, 18 11:45 AM

    Ask Kate's secrets to low mortgage payments help homeowners understand industry lingo related to refinancing. Learn how to get your best mortgage rate!

    Read More