- No matter what you must provide a 2 year employment history. Conventional or Kentucky FHA Mortgage Loan. Conventional does not always need to be verified with a written work verification form
- if you do not have a complete 2 year history you must explain any large gaps. Typically I have seen this to be greater than 30 days.
- you must have a 2 year history prior to the gap as well. (two underwriters from two different lenders have recently told me the same thing)
- also check your AUS-Automated Underwriting Findings because that can help when speaking with your potential borrower.
- Exception to the 2 year history is college or HS graduation
- need official college transcripts or they can be unofficial if you get them with the web URL just like bank activity.
- good idea to snag their diploma as well.
- you probably don’t even need to use this exception if the person was a student but also worked and had a 2 year job history.
- Kentucky FHA Case Number Assignment
- if there are any job gaps greater than 6 months in their two year history the borrower must be on their current job for at least 6 months before the FHA case number can be assigned.
- again you must then get a 2 year employment history prior to the 6 month or more gap. however far you must go back.
- W2s / 1099s
- even if you are not using the income to qualify from a part time job please get every single w2 / 1099 from your borrowers.
Mortgage Loan Officer