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Quancaylacor…, Home Buyer in Cartersville, GA

Laid off July 26, 2013. Worked a few temp jobs between August 1st and October 1st. Found permanent employment. All jobs were same field.

Asked by Quancaylacorey, Cartersville, GA Wed Oct 30, 2013

If July 26 was my last permanent job
Hired on another permanent job in October, how long before I can apply for mortgage? Job is same field.

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Since your job gap did not exceed 6 months, you should be ok now. All loan programs today require a verified continuous 24 month employment history in the same line of work, but not necessarily with the same employer. There are only a very few of exceptions to that rule. Those exceptions are as follows:

1. If you are a recent college graduate, you can use your time spent in college to make up part up the 24 month history. A copy of your college transcripts and your college diploma will be required.
2. If, within the last 24 months, you have had a 6+ month gap in employment, then you must be employed at least 6 months since that gap ended.
3. For someone with a longer break in history, the same 6 month rule is followed, but a full 24 month employment history from previous employers must be verified.

For someone who is salaried or hourly, you generally must be employed at least 30 days with the current or new employer. This is due to the fact that a pay stub reflecting at least 30 days of YTD income is going to be required prior to closing.

If you are paid by anything other than a W-2 (i.e. a 1099, self-employed, etc), then you must have 24 months of receipt of that type of income. Some exceptions are possible if your current employer switched your compensation from W-2 to 1099 or commission.

Closing on a mortgage prior to starting a new job with a new company is only considered on a case by case basis for certain fields. Generally, a non-revocable employer agreement confirming your new salary, position, and start date will be required.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
1 vote Thank Flag Link Wed Oct 30, 2013
You should be able to apply now since the lapse was just a short period of time. Would you like for me to refer you to a few trusted preferred lenders to speak with?

All the Best,

Jonathan
0 votes Thank Flag Link Wed Oct 30, 2013
Yes! Please, thanks. My previous job was for 7 years, no gap, then the lay off came in July.
Flag Wed Oct 30, 2013
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