Gaps in employment for mortgage qualification

Mortgage Qualification for Unemployed who just started work

Mortgage Qualification for Unemployed borrowers who just started new job


Most mortgage loan borrowers are curious as of how long they need to be on their job in order to qualify for a home mortgage loan.  Most mortgage lenders will ask the borrowers for two years W2s, and tax returns.  What if you have been a victim of the financial and credit crisis of 2008 and have been laid off for several years and just got a job.  And what if you now have a job in a totally different line of work or an entirely different industry.  The good news is that I will be able to help you get a mortgage even if the above conditions apply to you. I deal with mortgage lenders whose mortgage qualification criteria are more lenient that traditional banks and mortgage bankers.

How underwriters view mortgage qualification for unemployed borrowers who started full time job

The majority of mortgage lenders want to see a minimum of two years steady employment with one employer in their mortgage qualification underwriting criteria and want to be reassured that the mortgage loan borrower will have guaranteed continued employment.  However, I help many mortgage loan borrowers who have just entered the workforce after an extended unemployment period.  These mortgage borrowers will meet our standard mortgage qualification requirements.

Gaps in employment

If you have been laid off for less than 6 months, there are no job longevity requirement on a new job you get.  However, if you have been unemployed for more than 6 months, the mortgage lender will want to see a record of six month continous employment.  For example, if you have been laid off for two years and just started a new job on January 1, 2013, you will be eligible for a mortgage loan on July 1, 2013.  That is six months from the start date of your new job. If you just started work after an extended period of unemployment, remember that you do not have to wait two years in order to qualify for a mortgage loan.  It does not matter whether you are employed in the same industry or not. Please contact me at if you have any questions.

Gustan Cho NMLS ID 872293

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The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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