I resigned from my job in 2009 to take on extra credits (as many as 21 per semester!) and graduate from college quicker. I graduated in late 2010, but was then unable to find a job. At the same time my grandmother's health deteriorated so I took that opportunity to step in and become her full-time caregiver. Without getting into too much detail, I was relieved of these responsibilities about a year and a half later, and was able to begin my career. I have now been with my company for 1 year.
My wife and I are now about to sign the FHA loan forms for our first house (we got the pre-approval, negotiated a price, had the home inspected, and have now signed the contracts). My mortgage broker told me to explain my situation in a letter to the underwriter. He is confident he can make it work but there are obviously no guarentees, as two years of steady employment is generally what is acceptable.
Some background: we are in NY, doing an FHA loan, have approx. 700 credit scores, and would need both of our incomes to be counted in order to be approved for a home of this price.
Any advice or insights?
