It is true that you must prove a two year history of employment for loan programs, however FHA allows for the use of your degree to prove work towards your field of choice.

Today’s professionals spend years of their lives training for their desired profession. Rather than penalize those professionals that have and will dedicated themselves towards public service, FHA acknowledges those sacrifices and will credit that experience as work history.

Thirty (30) days of employment history must be proven from the current job and Year-To-Date pay stubs must be acquired. Beyond that, one must produce transcripts from school and a copy of the degree certificate as employment history.

Here in Arizona, there are many nurses and teachers that complete their degree and wait several years to purchase their first home because they are not aware of these guidelines.

Working with a reputable mortgage advisor can assist and speed up the process in finding these programs and guidelines as well as possibly finding down payment assitance programs.

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1. FHA 90 Day Anti-Flip Rule Suspended For One Year With the 90-day anti-flip rule being suspended for one year,...
2. Teachers Home Loan Programs in Arizona While the lending world has continuted to tighten, Teachers in...

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With the 90-day anti-flip rule being suspended for one year, more homes will become available for first time buyers in Arizona.

Previously FHA has not allowed any property to be sold for even a dollar more than the original price plus the cost of improvments which deterred many investors from the market.

With the rule suspended, many more investors will be rehabilitating properties and as such more inventory or choices should become available for buyers especially in the First Time Buyer segment. Teachers, government employees and local medical professionals will certainly benefit by combining this rule change with some of the local and state programs that are available.

“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

To ensure FHA borrowers are protected from inflated prices, the policy has certain restrictions, including:

• All transactions must be arms-length and there can be no identity of interest between the buyer and seller.

• If the sales price of the property is 20 percent or more above the seller’s acquisition cost, the lender must meet specific conditions for the waiver to apply.

You can read the full text of the waiver on HUD.gov.

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While the lending world has continuted to tighten, Teachers in Arizona still have fantastic home loan possibilities.

Purchasing a home can be a challenge today without a large down payment. Unfortunately, most people do not know there are still programs available to help such professionals out with the down payment.

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