Will a gap in employment affect a loan application?
I am thankfully back to work this year after being out of work for a year (2009). During the year I was out of work, I still made 50% of my compensation due to commissions that were paid out that year. I currently rent and I'm interested in buying a house since there seems to be some decent deals out there. My question is, will my technically being unemployed for a year dramatically impact my ability to get a loan? I would be able to put down at least 20% toward the purchase of a home in the $300-400k range.My FICO is 710. by hartshow from Taos, New Mexico. Jun 15th 2011
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
You would need to document 2 years of work history. So if you were actually out of work for 2009, then you would not have the required 2 yr history. When did you get hired at your current job?
Sandy McKee (smckee)
#41 ranked lender in Arizona - 23 contributions
Hello,The answer is, it depends on when you went back to work and the circumstances of the job gap. According to my underwriter, It is possible to do a loan under certain circumstances. If you would like to discuss, please call me directly at 520-907-3225. Thank you, Sandy McKee
Kelly Krauth (KKrauth)
#1 ranked lender in New Mexico - 28 contributions
You can get conventional financing with 6 months at the new job with reasonable explanation. Plus you were still recieving commissions. You most certainly can get financing with approved credit score, etc. Call me if I can help you! You only need 2 years hstory for government loans. 505-238-1218
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