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Apply for a home loan or wait a little longer

Credit score of 707 but only recently employeed, 1 month after being a stay at home parent for a year. My yearly income is about 27000. Since I didn't have income for that long do I have to wait to apply for a home loan or does it not matter now by Jillaurea168 from Brownsville, Wisconsin. Jun 5th 2018 Reply


Henry J Daniels, CMPSI, CMHS (HenryJDanielsNationalMortgage)
#13 ranked lender in Texas - 131 contributions

Hi Jill, Great question. Is most cases with an employment gap of > 30 Days most cases if you are employed in the same field before the employment gap and 2-years of employment can be verified the waiting period is 6 months after you start back.

Jun 5th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

More info needed.. Underwriting guidelines require that any job gaps greater than 90 days be explained.. It's the underwriters discretion as to whether or not your scenario will be accepted. But I wouldn't hold my breath.. Most all lenders will take the conservative approach... Unless there was a one time event that could be explained.. Example: you gave birth to a pre-mature baby, and she needed constant 24 hour care which made holding a job impossible. 1 year later the baby is healthy and no longer requires full time care.. That might be a scenario where it would be acceptable.. *(assuming you are entering the same "Field" of work you had before you took the year off).. There could be other circumstances,, I had a borrower who's spouse was in a bad car accident and the husband took a 9 months off to assist the wife in her recovery.. this scenario was accepted.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 5th 2018
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

The quick rule for your situation is that if you've been out of work for more than 6 months, you'll need to be at the new job at least 6 months before you can close on a home loan. You'll need at least a two-year work history in your life... and it does NOT matter if the new job is in a completely different field. Also, this assumes hourly or salary job. Commission, tipped income, self employment, and anything variable income will require two-years at the new job. For loans in MN, WI, and SD, visit me at www.WI-MortgageBroker.com

Jun 5th 2018
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 687 contributions

All 3 answer above covers everything.Good Luck

Jun 6th 2018
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Thank you all for answering my question!

Jun 6th 2018
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