I have been a full time student for three years, and was hired for a new job thre months ago. I just graduated in May. I have a good down payment

Asked by Student, Illinois Thu May 26, 2011

and a great credit history. However, after i quit my full-time job to go back to school, i was hired for a part-time job, and then laid off. I collected unemployment (with the state's consent and knowledge) while I was in school.

Will having collected unemployment while being a full-time student affect my ability to be approved for a mortgage?

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4
John Walin, Agent, Libertyville, IL
Tue Jun 28, 2011
Hi Student
How did this all turn out?
1 vote
Gerard Carney, Agent, Spring Hill, FL
Thu May 26, 2011
If you do not have a full time job now, there will be no mortgage, in fact you need 6 months of this full time job to prove creditability. So there is the equation in a nut shell!
1 vote
, ,
Thu May 26, 2011
As long as you are working full time now, and it's related to what your major was, then you should be fine to use your new employment and it's income to qualify.

The fact that there were periods of unemployment, part-time work, or even if you didn't receive either and your parents helped you with every single expense... that is all A-OK, and won't be very important to the lender since you have a full time job in the profession you have studied to be in.

Now if you aren't in a profession you majored for in school, then it'd be up to an underwriter's discretion to permit it to qualify. If it is a career oriented job (ie. like the operations manager of a Walmart, instead of an assistant manager at Walmart) then an underwriter probably will still find it acceptable to use.
1 vote
Michael Cline, , Chicago, IL
Thu May 26, 2011
Student,

Congratulations on the graduation!

Like the previous post mentioned... as long as your current job is in the same profession as your schooling, you'll be fine with only three months on the job. For example, if you studied to be a nurse and now you're a nurse's assistant you're ok. If you studied to be a nurse but now you're flipping burgers at McDonalds then you'll have to wait until you have 6 months on the job. Be prepared to provide your school transcripts and/or degree to prove the field you studied.

As far as the unemployment, that is not the lenders job to determine whether or not you should've been eligible to receive unemployment. If you'd like more info, or would like to get preapproved for a mortgage, feel free to contact me anytime.

Good luck,
Mike. 708-257-7058
mcline@waterstonemortgage.com
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