How FHA and/or USDA treat periodic layoffs??

[goodygoody]

Hello all!  I think this question was posted in the past, but no one really answered, so I'm hoping maybe some folks will see this question this time who know.

My husband and I have spent the last 2 years building our credit, and we both now have no negatives at all and scores above 700.  We're hoping to buy a house next summer with either FHA or USDA. 

The issue we have is that my husband is an electrician (has been for about 4 years), so his work is affected by the construction market.  So he's periodically had layoffs, and probably will continue to.  The longest he's been laid off was 2 months, when the economy was at its worst.  Usually he ends up off an average of 2-3 weeks a few times a year.  This has never affected our ability to pay bills and our rental payment history is absolutely perfect.  How do FHA and USDA view this type of situation?  I know they want 2 years' consistent employment, so does that really mean we are never going to be able to qualify for a mortgage?  Or will our credit scores and rental history override their concern about unemployment? 

[jcstarkey8826]

I dont think you should run into an issue as far as switching jobs. My best friend just moved out of state and is an electrician. He did FHA after only having his new job for 6 months.

I know its a little different than your situation as his is just a new job and Im not aware of many layoffs on his end, but he had no issues with that aspect.

[goodygoody]

Yes, I've read that switching jobs is ok so long as it's in a similar (or same) field, and he's consistently been an electrician.  But I'm wondering if they'd think he's a risk because of the layoffs.  But then, it seems like so many people who work in construction and related fields must have periodic layoffs depending on the season, so is there any leeway for that reality?  I'll just scream if we can't buy our own house because of this. 

[Anonymous]

I don't think you should have any issues.  I just got final approval on an FHA loan.  I been at my job a year and seven months and prior to this I was laid off for a year and a half.  I had to write a letter stating the reason why I late on my student loans and the reason for being laid off.  It all turned out good.  Just speak to your LO.

Good Luck!