Forgotten Your Password?

Need to Register?

Question Icon

I have been in the same industry for 7 yrs, but had a gap in employment due to layoffs for about 5 months last year. Can I still get a loan?

by henri.v37 from Kit Carson, Colorado. Jul 18th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

More info needed, but in general, if you have a gap in employment greater than 90 days, then it will need to be explained.. and so long as you meet all other eligibility requirements, you should be ok.. I had a borrower with a similar scenario,.. he got laid off and decided to go on a 3 month vacation.. got back, and started looking for work.. 2 months later, started working again.. for my borrower, the explanation was acceptable, and since he meet all other eligibility requirements, he was able to purchase a new home.. every scenario is different, so it's best you discuss your specific scenario with a local loan officer to know for sure.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jul 18th 2016
1
0
Jason Bennett (jbennett)
#105 ranked lender in Pennsylvania - 67 contributions

If the layoff is in the same field and same job..a simple explanation letter should suffice and it wouldn't hurt to have the verification of employment back that statement and if can be shown to be a one time event and not multiple event. More info would be needed. If you are in Pa. let me know how I can help you. Thanks, Jason Jason.bennett@movement.com NMLS 147890

Jul 18th 2016
0
0
Scott Fix (ScottFix)
#1325 ranked lender in California - 184 contributions

William is correct. If credit and income is sufficient, debt to income ratios are in line and you meet other lender requirements, you should be okay with an ample explanation of the gap due to layoff. Best of luck, Scott.

Jul 18th 2016
0
0
Melissa Stutes (MelissaStutes)
#28 ranked lender in Hawaii - 97 contributions

If you qualify based on your credit score and debt-to-income ratios, then you should only need a letter of explanation for the gap in employment history. This is if you are in the same line of work. Best of luck!

Jul 20th 2016
0
0
Subscribe to our news feed.