Will Getting Laid Off Affect Mortgage Application?
I lost my previous job due to COVID-19 and I just started with my new employer a few weeks ago. I worked for 4 years in my last job. We plan to apply for a mortgage to buy a new home, will my getting laid off affect getting approval? by osrin323 from Athens, Indiana. Oct 12th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
No. we primarily care about current employment. As long as you are hourly or salary, it will be fine. Variable income, like commission income, is different. You may have to write a letter explaining the job gap, but it should be fine. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
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