Mortgage after being unemployed?

JMMD · ‎04-16-2017

Its been a while since I have been here! My husband was laid off from his job 14 months ago and just this week got a new job offer! It's been a long road!! Anyhow, he starts his new job in 2 weeks and once things settle down we would like to revisit the idea of buying a home. Our credit is @725 ( need to recheck) and suprisingly we actually have some cash available even after all this time. We would probably qualify for a USDA Guarantee loan but I am seeing they require two years of employment. So even though his new job is in the same field as before how will our 14 month gap effect this requirement? Would FHA have the same requirement?

Thanks!

Anonymous · ‎04-16-2017

We are in the process of hopefully getting a USDA Direct loan. We had to send a letter of explanation of my husbands 13 month gap. (3/16-4/17) It was important to them that he was still in same field. So I wouldn't cross USDA off the list.

JMMD · ‎04-16-2017

@Anonymous wrote:
We are in the process of hopefully getting a USDA Direct loan. We had to send a letter of explanation of my husbands 13 month gap. (3/16-4/17) It was important to them that he was still in same field. So I wouldn't cross USDA off the list.

Thanks! That's encouraging to hear!