Home Buying in 95747>Question Details

Julie, Home Buyer in Roseville, CA

New Job After Unemployment

Asked by Julie, Roseville, CA Fri Jul 20, 2012

My husband and I want to buy a home in a year. However, he is currently unemployed (he was in construction). He recently completed a training program in a new field and we hope he gets back to work soon. Since he will be working in a new field, will his income from his new job be considered when applying for a mortgage?

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Answers

6
Talk with your local lender. They willbe able to help you navigate the Guideline for both conventional and government loan programs. There may be options.
0 votes Thank Flag Link Wed Jan 30, 2013
Hello Julie, it only takes a few dozen questions to figure out the options you have available to you now or in the near future to qualify for a mortgage. Are these two completely different fields of work for your husband? His training time could be used to qualify as well.

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0 votes Thank Flag Link Sat Jan 19, 2013
Usually, 2 years of work experience is a magic timeline for both conventional and fha loan programs. However, under the FHA guidelines, your time in school to earn a diploma can be applied towards your 2 years of working experience You must be able to provide a copy of your school transcript as well as a copy of your diploma to meet those exceptions.

In addition to FHA guidelines and at the discretion of the lenders, they may or may not impose additional layer of guidelines to protect their company's interest.

You will have an uphill battle with the lender's underwriter if the minimum of 2 years of work experience is not met.

Good luck.
0 votes Thank Flag Link Wed Dec 26, 2012
It depends how long he has been at his new job. To get a more specific answer to your question is to talk to a lender and see what their guidelines are.
0 votes Thank Flag Link Thu Dec 20, 2012
Contact a couple of local lenders for their suggestions on probable types of loans, time frames, etc.
0 votes Thank Flag Link Wed Aug 8, 2012
Julie - if your new loan is an FHA loan, then most likely we can count your husband's income with 6 months back on the job as FHA is more lenient in this regard....

Conventional lending is tougher in this area, most likely won't work if there's no connection between his past and previous job types...

Good luck, and let me know if I can a resource for you in the near future!

best regards, Jeff Marr
0 votes Thank Flag Link Sun Jul 29, 2012
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