Mortgage Advice > Will a gap in employment affect a loan application?

Will a gap in employment affect a loan application?

I am thankfully back to work this year after being out of work for a year (2009). During the year I was out of work, I still made 50% of my compensation due to commissions that were paid out that year. I currently rent and I'm interested in buying a house since there seems to be some decent deals out there. My question is, will my technically being unemployed for a year dramatically impact my ability to get a loan? I would be able to put down at least 20% toward the purchase of a home in the $300-400k range.My FICO is 710. Taos,NM | Jun 15th 2011
by hartshow Answer

by cgummer...

You would need to document 2 years of work history. So if you were actually out of work for 2009, then you would not have the required 2 yr history. When did you get hired at your current job?

Jun 15th 2011

by smckee

Hello,The answer is, it depends on when you went back to work and the circumstances of the job gap. According to my underwriter, It is possible to do a loan under certain circumstances. If you would like to discuss, please call me directly at 520-907-3225. Thank you, Sandy McKee

Jun 15th 2011

by KKrauth

You can get conventional financing with 6 months at the new job with reasonable explanation. Plus you were still recieving commissions. You most certainly can get financing with approved credit score, etc. Call me if I can help you! You only need 2 years hstory for government loans. 505-238-1218

Jun 15th 2011

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