Employment History and Income Qualification

Hi Joe: There are always exceptions that can be made for compensating factors. Much depends upon your FICO scores, gross monthly income, monthly revolving/installment debt, cash reserves, work history, and other lender qualifying guidelines. Obviously, more info is needed to truly give you an accurate answer to your question. That being said, considering that your wife had the very best reason for her 2-year unemployment, she worked with the same employer for 5 years before taking off 2, and she is now back working in the same industry/position, there's a good possibiity that a strong case can be made for her income to count. A good letter of explanation might very well do the trick. I write them for my clients all the time because they need to be written in a particular manner in order to be acceptable, and those that I have written have always been accepted. 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.

Per the guidelines, the answer is no... However, as Blake described, there could be an exception made in your scenario. The only way to truly know for sure is to contact a local mortgage broker, not a bank, and apply with them.. As Blake said above, having access to multiple lenders and a huge arsenal of lending programs is crucial when your particular scenario fits outside the box.. WilliamAcres.com

Hello Joe,Maternity leave is an acceptable by most lenders, is she working for the same company as before or its a new company? We have couple of different programs for home buyers in your situation, if you like please contact Houtan Hormozian @ (310) 933-4748 or Houtan.Hormozian@cretsico.com for a free consultation. Thank you.

If I read you correctly, your wife worked for a firm for 5 years, left for maternity, was away for 2 years and returned to the same employer 2 months ago doing a similar job. Assuming you have strengths in other areas, such as great credit scores, funds on deposit (reserves) after down payment and closing costs, then it is highly probably that her income would not be excluded. I cannot speak for all lenders, but we would not consider the break in employment as a negative, because she returned to the same employer. I encourage you to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the product and lender/investor that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com