Refi after being unemployed....
I had a very good job making 45K a year when i bought my house. I was layed off and was unemployed for 1.5 years. I went back to school and finished school and I just found very good job that pays 55k. How will my inconsistent annual income over the last 3 years affect my ability to qualify for a refi-loan? Was never late or missed a payment. House has not lost value (110K apraised owe 100K). by elquien from Houston, Texas. Dec 28th 2010
Henry Daniels (HenryJDanielsNationalMortgage)
#11 ranked lender in Texas - 145 contributions
ElquienIt all depends on the Loan type that you are qualifying for banks are not confident about economy. You will find FHA more lenient* FHA Banks are no longer following HUD in the case of and FHA Loan. If a job gap of > 30-days you must be on job for >= 6-months to qualify. The old HUD Rule was if you were off the job for 6-months you had to be back for 6-months to count the income. FHA however allows the use of school towards the required 2-years Job Experience in the same field but that may be going away.* Conventional loans require a full two years of Job history in the same profession to qualify and most lenders will want you back for a year with a Gap if 1.5 years
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