Question
What course of action should I take for being dined an FHA Loan?
I'm 31 years old and first time home buyer. The problem is my job is contracting overseas I make 4 times what I would be making in the state's and I have saved a lot of money. So I've began to look for a home. I've found one and began the process of buying. With the governments push I figured I was a shoe in for this house. Well I was pre approved for a loan and put money down also had a homeinspectionn done. This was a process that has taken over 4-5 months. Now that everything needed from me has been completed the bank is notacceptingg my loan app. because my job is not located in the USA. So all I see in this is that if I worked at Pizza hut in the states making 20 thousand a year I would getapprovedd. But since I contractoverseass (and have been since 2007) and make 4 to 5 times as much as a Pizza hut employee. I have been denied. So my question is who, or where can I get this info out to the people who are saying we need to build our economy back up. How can I when I can't get a loan. P.S. If interested I have the back and forth emails! Thank you for all your answers. Some were very helpful! But I still feel as though I'm being punished for not doing the things that others do in order to get that gov handout. (Got 3 kids no job here have some money and house by the way don't go to work or we will take it all away) I decide to go and put my life in danger for my country, and service members (and the money). And now that I have money, to pay a bank back the money it'll loan me. I have to put 20% down cause why ? And lose the benefit of being a first time home buyer. Yeah my gov. is so fair and free. (for lazy people)
1 month ago - 3 answers
Best Answer
Chosen by Asker
Look the problem here is that you will not live in the home full time as a primary residence which is a program guideline for anyone looking to buy a home using FHA insured financing.
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by Noneya
1 month ago
Asker's Rating: 
Other Answers
If the current guidelines for an FHA loan state that your job needs to be in the US to qualify, then your job needs to be in the US for you to qualify. Try going to a bank for a traditional mortgage loan. It won't be an FHA loan, but if you have 20% of the home purchase price to put down, you should be able to qualify for something.
by kbk823- 1 month ago
Is this in the right forum? Because it looks like you are looking for someplace to make political statements, not get help with buying a house. The correct answer to the question in your headline is, find another lender. FHA is for first time homebuyrs with limited resources. Making $80,000 a year is hardly limited. Usually those overseas jobs are for specified contract periods, like three or four years, and in four years of a protected environment you should have saved at least $80,000 (what else wouldyou spend it on?). Pay cash for the house when your contract is finished. Other lenders may also have problems with your income source. If you are in a military operations area, you are at risk of not living long enough to complete a 30-year mortgage. Even if you are in noncombat area, your contract expires in two years so what will you use to pay the mortgage after that? Whether you are in Afghanistan or Atlanta, any short term employment contract is going to provoke caution on the oart of the lender. It's like saying "I've gpt a trust fund until I'm 21." Nice for you, but what are you going to do for money after you turn 21? If you suspect you are being discriminated against, put that out of your head. The $20,000 pizza guy isn't going to get a loan from FHA either. If he qualified at all, he'd be limited to a $10,000 house. Might find a mobile home or RV for that, if he's not too fussy about the neighborhood, but FHA won't be financing it for him. And the correct answer to the question you buried at the end of your text (where can I get this out to the people who are saying we need to build our economy) try your Congressman or Senator. But don't expect any personal intervention because your complaint has no legs. You are getting exactly what you are entitled to, and nothing less.
by RailBird- 1 month ago