Employment history home loan

[aym7697]

Hello everyone,

I was hoping someone would be able to answer my question. My husband and I are planning on  purchasing a home hopefully in time for the $8000 tax credit. My husband has been working in the same line of job for about 4 years. I am about to start a new job next week. I have not worked since 10/2005. I wanted to take time off to raise our first child. My new job is the same line of work I had before  taking time off. Would I have to be employed for two years before my income can be considered on the home loan?

[Anonymous]

I believe so.  A short layoff or LOA may be allowed, but you are talking 4 years.  SOmeone may counter me and tell me I am wrong, But I am pretty sure you would be looking at 2 years.  The same line of work phrase is more meant for job changes that occur, not long term work absences.  

[aym7697]

Thank you for taking the time to reply. I had a feeling I would have to wait two years.

[DallasLoanGuy]

You are 're-entering the workforce'

The LO can sell that to an underwriter ALL DAY LONG!