An FHA applicant returned to employment four months ago after a 14-month absence to care for a child. A two-year work history before the absence is documented. Under FHA's extended-employment-gap rule, what additional employment period is needed before the current income may be considered effective at case number assignment?
Correct Answer
A) Two more months in the current job, bringing the return-to-work period to six months
After an employment gap of six months or more, FHA requires at least six months in the current job at case number assignment and verification of a two-year work history before the absence. Four months back is two months short; other income and underwriting requirements still apply. Source: https://www.hud.gov/sites/dfiles/SFH/documents/MO_DispellingMythsQualifying_English.pdf
Why This Is the Correct Answer
After an employment gap of six months or more, FHA requires at least six months in the current job at case number assignment and verification of a two-year work history before the absence. Four months back is two months short; other income and underwriting requirements still apply. Source: https://www.hud.gov/sites/dfiles/SFH/documents/MO_DispellingMythsQualifying_English.pdf
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