will a 4 month unemployment gap need a letter of explanation

Hi trevors, Yes a short and simple letter would be needed to 'tell the story' to the mortgage underwriter. The advice I give my clients is to tell what caused the gap and why it's not likely to happen again. This can usually be done in a few sentences without a whole lot of detail. I'm located in Albuquerque and work for a direct lender. I would be glad to speak with you in more detail so feel free to call me, (evenings and weekends are fine), at 505-350-3745. Many thanks, Charlie Sparks, NMLS# 195031

Yes. A good letter and hopeful resumption of similar terms and pay on new employment will be needed

Most investors and therefore loan underwriters want to see 24 months of employment history. If you had a job change within the last 24 months, they want to know about it. If you had an employment change that resulted in a gap of even a few days, it is not unheard of that an underwriter will require a letter of explanation. Whether or not you collected unemployment payments, severance pay, etc. is not relevant. What's relevant is that there was a gap of employment. Go ahead and write the letter. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Generally, employment gaps greater than 6 months require a letter of explanation. If an explanation is required, it is usually specified in the Fannie Mae or Freddie Mac automated underwriting findings. If you have any other questions, I am a local Mortgage Broker in Albuquerque, and I would happy to discuss them with you. Feel free to contact me directly at 505-323-0724 or via email at gina@accessfundinginc.com.

It depends, but in general, income gaps greater than 3 months would need an explanation.. if you're still in the same line of work, then it shouldn't be an issue.. 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

In most cases an underwriter will require a letter of explanation for the gap of employment. I lend in NM. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been in the mortgage business since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803