Can recent unemployment affect me getting a mortgage?

By itself, No, having been unemployed alone will not disqualify you. You will need to explain the period of unemployment, and if you have returned to work in a different industry, you may need to explain that as well. I have done many loans for people that have had a break in employment for various reasons, including having been laid off. Look for a Mortgage Banker/Broker to work with, rather than one of the big banks. Mortgage Banker/Brokers are Trained, Tested and Licensed. A Licensed Mortgage Originator has access to many more lenders than the big banks do, making getting you pre-qualified easy. Make sure you check out your selected Originator at www.NmlsConsumerAccess.org.

You should be ok.. but there is much more information to be considered.. for example, did you change careers or the type of pay you receive.. IE, salary, hourly, commissions etc.. plus there are credit requirements and debt ratios to consider as well. Like Bert said above... contact a local mortgage broker, not bank... WilliamAcres.com

A short gap should not be an issue with a good explanation. I am in California and licensed in California; contact me through my profile for assistance.

Hi Ronald:As long as a letter can be written explaining your reason for unemployment, and your new job is in the same line of work, this shouldn't be an issue. If you are in a different line of work that could pose a challenge, but a well written letter of explanation should do the trick. I write them for my clients whenever necessary because they have to be written in a particular manner in order to be accepted by lenders. Of course, you will have to qualify for the newl loan which can easily be determined with a short phone conversation. Give me a call 16/7, or email me, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

The mortgage lending industry basically does a two-year "Look back". We want to know where you've lived, and what your employment has been the past two-years only. If you've had a short-term gap in employment of less than 6 months, you can get approved right away with a new job, or re-starting work. If you've been out of work for more than 6 months, you must be back at work, or at the new job at least 6 months before qualifying. Need financing in MN or WI? Visit www.Minneapolis-Mortgage.net

You cannot use unemployment income for a mortgage loan. You will probably need to be on your job for at least 6 months before you can buy a home.

I believe you will need a 2 year employment history before you will qualify since you have not worked the last 14yrs.

Ron- By itself, this may not disqualify you for a loan. Other factors need to be known. Speak with a mortgage originator privately. Internet forums are not the best media for borrower specific mortgage solutions. ... Best wishes, Rudi. .... Happy Holidays, Rudi

This situation will not disqualify you, no. Make sure that you speak with and finance through a very experienced lender with access to an underwriter directly as this type of situation often becomes a judgment call for an underwriter. Therefore, it is imperative that you have a representative that knows how to present the situation, and also has a rapport with the underwriter to ascertain whether the financing can truly be consummated, or not. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

You need a two year employment history, but a short gap should not be an issue.This will be the underwriters decision.

Great question. After a period of unemployment, a 6 month re-employment is required. You can count on my 37 years of experience. Good luck!

As a general rule, less than 6 months of having a "gap of employment" would not disqualify you in itself. There are situations where unemployment income can even be counted towards your "qualified income," depending on the circumstances. The industry guidelines as a whole and also individual investors/lenders are constantly changing though. It's important to work with someone that can give you direct, honest answers that can track this on a daily basis. Should you or anyone have further questions on unemployment income (or others), feel free to reach out anytime for a FREE consultation without obligation. Thanks! David Youngs - Senior Consultant NMLS#328679 - 866-680-2840 Ext 12 Email: dyoungs@progressivels.com

A gap in employment won't affect you. Write a letter of explanation as to why you were unemployed at the time.

Simple answer is no. Being unemployed for one year 3 to 4 years ago but having been employed since and especially since you maintained your good credit will have no effect. You're fine.

This may depend on the lender that you are working with. With a letter of explanation and understanding of your overall financial picture and a current pay check stub you maybe able to be approved for financing. Jesse Stroup Mortgage Professional | Mortgage ManTwitter: @jessestroup

When you receive a gap in employment we just need to address it with an explanation. We could use your new base income as long as we can verify it. Our company has the ability to fund the loan through digital verification of income in lieu of pay stub, any questions please contact me mike.diaz@rate.com or www.escrowsaver.com

Hello, that gap of employment should have no impact on being approved for a mortgage. There are programs available that require no down payment & you can even roll closing costs in. There are also construction loan and rehab loan programs available. If you have any questions you are welcome to reach out to me at 203-299-2034, you can call or text that number day or night. Im available via email as well at: gpomeroy@boemortgage.com. My website is: www.thehomeloanspecialist.com

if you have been employed and have income or the past year+ - you might be able to qualify for a loan ....get pre approved to know for sure