I just obtained loan approval for a recent college grad with less than one year work experience and very limited credit history. Required using a mortgage broker to find the right lender.
No cost/risk to talk to a mortgage advisor. Here are two that I recommend:
Kimie Seaton, The Loan Story, email@example.com, 408.691.9320
Chris Bridgman, Absolute Mortgage, firstname.lastname@example.org, 650.543.8019
Underwriting guidelines state that one day back on the job is acceptable
With FHA, this is 100% acceptable.
Conventional would require 6 months back on job before using the income.
I would be happy to discuss with either one of you.
You may contact me email email@example.com or phone 510-303-1174.
I am located in Fremont if you would like to make an appointment to discuss in person.
I am available to help if needed.
Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Rate quote or live chat with me at the link below:
877-455-4677 x 6058
One year of documentable work back on the job, in a W-2 position, even with the gap, can be possible. Keep in mind the lender will still aim to document a 2-year work history, so take the current year and then patch that with employment prior to the gap. If that case can be made, this can be considered.
In this borrower's shoes, I would write an short, but concise "letter of explanation" for the work history. Include all relevant dates, reasons and contact persons, but leave out personal stories and other flourishes. The underwriter is going to want the facts to support what's on the loan application and if you can provide it, you can increase chances of success dramatically.
Let me know if you need help.
If I understand correctly, someone who has only been at their current job for a year after a 5 year break of employment, but they have a great income. Assuming this is the case, it will depend on the type of job, commission income needs a longer time period whereas W2, salaried income may be fine, the credit history and potentially what you did during the 5 years. If you were in school, that would be best.
Only a licensed lender with a complete application and documentation can tell you for sure, but I would encourage you to meet with a lender to pursue your options. If you don't qualify now for any reason, you'll find out what you can do to qualify sooner. Find your way to a great local lender.
Please ask him to call or email me with more details so that we can speak intelligently regarding his options.
Thank you for your inquiry and I look forward to hearing from him!
Loan Originator / Jr. Partner
5506 Sunol Blvd. Suite 200
Pleasanton, CA. 94566
Office: (925) 461-0500
Cell: (925) 872-0695
Yes, it is possible to get an FHA loan with one year of work experience after a 5 year career break.
Please feel free to forward my contact information to your friend.
Elva A. Wormley
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / DRE #01274093