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I have a gap in employment, great credit and 20% down. Am I able to get a loan with the employment gap?

by hartmannh635 from Atlanta, Illinois. 29 days ago Reply


Patty Harrison (PattyHarrison)
#94 ranked lender in Illinois - 62 contributions

Hello:It's possible, depending on why and for how long. The lender will look at the most recent two years. If you would like to discuss in more detail, please email or call. Thank you, Patty Harrison 630-854-3459 patty@smartmtgs.net

28 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,477 contributions

Assuming the new job is hourly or salary, the general rule is that if you have been out of work for at least six months, you must be back at work for at least six months before we can use the new job as qualifying income.

28 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,862 contributions

More info needed, but generally speaking, if you had a job gap, and there was a good explanation, then it's typically not a problem.. one time occurrences are most always acceptable.. but if you want to know for sure, then the best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. 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 / RPM Mortgage NMLS 1541014 / AZMB0121893

28 days ago
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