Employment Qualification question

[roniram]

I recently worked in a job for 1 year and 5 months, and then I was laid off.  I found another job, but I was unemployed for 3 months.  I want to buy a house, but will I have to wait until I have been working 2 years at the new job?  The new job is in the same career.  I am interested in looking at purchasing in about 7 months if possible.  Just to give you my credit background, my FICO will be about 680 (I am going to payoff some credit cards) and my DTI with my planned monthly PITI will be roughly 38%. 

Any loan experts out there can give me an idea?  I was in the industry , but its been quite a few years.

[ShanetheMortgageMan]

At most 6 months on the new job, but if you had a 2-year prior employment history (doesn't have to all be at the same employer) then probably just as little as 30 days on the new job will work out.  Since your timeframe is 7 months from now you should be good.

[roniram]

Well, that's good news.  So, they will just disregard my 3 month unemployment?  That would be perfect.

[ShanetheMortgageMan]

Well it won't be disregarded, you will need to explain why the 3 month gap, but unless your score & DTI barely qualify then it shouldn't be an issue.

[roniram]

Great.  Thanks for the information.