I agree with Patrick it really depends on what your job looks like.
Hourly/college degree in the field/bonuses/commission Etc.
The best idea is to contact a local lender who can take a look at all your information to see if you qualify. It really should not take them very long to give you direction and an answer.
Good luck in your desire to buy a home.
Senior Loan Originator/Sales Manager
NMLS # 224681
One Mortgage, Inc.
119 E Palatine Rd. Suite #200
Palatine, IL. 60067
If this a position that is consistent with what you were doing previous, yes.
What we cannot use for qualifying purposes on the new position is the overtime, bonuses and commissions as there has not been enough time to establish this new 'trend'.
Your lender will require a letter of explanation as to why there is a 8 month gap in employment.
Whatever you state in this letter know that you will be asked to back it up. If you say the employer gave you a severance 'package', then show them the documentation to back that up.
In this economy, it is common that you would have lost your job and had to take time to find a new one.
As long as you have been meeting your financial obligations, you should be fine! :)