patrick.net

"I have worked for (Blank) for the last 2 + years" All that is for is if you have multiple income sources within the last 2 years.

Sounds about right. If you've done more than that, and it shows on the bank statements you submitted, tell them you've supplemented with income from xx and xx.

My two year tax returns are good, and my YTD earnings are good, the problem is my
what I make an hour, and listed on my pay stub "biweekly rate" should exceed my YTD and my W2s. Which suggests that I have gaps in employment.

I don't get paid for holidays, sick time, personal days, or Vacation, as well I can't bill for hours when my work is going through QA or Requirements are being gathered for the next phase of work I perform. I have consistently for the past two years slowed down during tax season while these transitions take place but work more than full 40 hour weeks the last 6 to 7 months of the year.

The FHA guidelines both make provisions for my situation, as well clearly states there must be no gaps. But it is vague they don't clearly specify what seasonal higher wage earners qualify, other than to say there are exceptions for W2 employees.

It is all so vague and confusing. I wouldn't want to word wrong where the wrong idea is gotten.
Even not earning my full potential I have already earned the yearly amount required to procure the loan.

This has been a ball buster, I'd rather have tax audits than this.
At least your life doesn't go on hold over audits, and you don't risk squashing your families expectation of moving into our own home. Which the closing date all hinges on.

I though Approved means approved, I thought I went over all of this with my broker.

TozT, sorry you're going through this. When I was a contractor I had a very difficult time convincing loan officers that I had consistent income. That was over 8 years ago. I would have hoped that as more people do contract work, that loan officers would become more understanding and wake up to the reality that many contractors actually make more than people who are so-called "permanent employees."

There always seemed to be a bias against contractors when I was doing it. Somehow we were looked at as "expendable" by everyone but our current employers. I can't count the times I was asked, "When are you getting a permanent job?"

My advice would be just to stick in there and continue to provide any information requested to show that you have the required steady income to repay the loan. It's important to remember that in most states, including California, unless you're in a union you are considered "employment at will" and can be terminated for any reason at any time. So-called "permanent workers" don't seem so "permanent" in that light.

Good luck.