Home Buying in Austin>Question Details

Pville_track…, Home Buyer in

How does being a seasonal employee affect my loan approval?

Asked by Pville_trackguh09, Wed Sep 3, 2014

It is just me applying for the loan. I am a seasonal employee at IRS. have been there since 2012. I was pre-approved for a USDA loan. I am a 1st time homebuyer. My credit score is 690. My debt to income ratio is below 40%.. And i make about 36k at IRS. I was approved in July and I am waiting for my house to be built. Well, now, next week, they have decided to furlough us and i will begin to collect unemployement. I do beleive that i will be back to work before I actually close on my house in Novemeber. Will this change in income affect my loan? Even if I'm back to work before i actually close on the house?

Help the community by answering this question:


Seasonal employment requires at least 2 years of history, it sounds like you have that. Your credit score and DTI are good. However, if you lose your job you can no longer use that income. Unemployment money can be used for qualifying purposes but will likely not be enough. If you are going back to work, your new salary will be used for qualifying.

Give me a call and I can explain further.
Austin Lamb
NMLS 1067245
0 votes Thank Flag Link Tue Sep 9, 2014
You will need to contact your loan officer in reference to that question. Not sure how they look at that and it comes down to your total income. Good luck.
0 votes Thank Flag Link Wed Sep 3, 2014
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