Applying for a loan with lack of employment history
I recently started a new W2 job and I have a written letter of employment. Prior to this I left the industry to raise my children. I have good cash saved up, excellent credit history, no debt and can make a 20% down payment on a new home. What worries me is the lack of job history and my long unemployment stint. Will I have to remain in my current job for 6 months before I can qualify for a loan? by scarlet745 from Ambrose, Georgia. Feb 8th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The rules require you have a minimum of a two year work history IN YOUR ENTIRE LIFE. So being out to raise kids, and now back is technically OK right away if you are hourly or salary. BUT if the gap has been a long long time, lenders will very likely not have a warm and fuzzy feeling about that, and most will want you to be back working for awhile... 6 months is generally plenty of time. If you were just out for a few months, they will usually allow the new job income right away with no delay. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
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