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I called NFCU today and was told we most likely will not be approved for a loan because of staying home with a child. I stayed home 6 moths while I was laid off and my wife stayed home a year. We both have returned to work with in the same field. I have been back to work for over a year. I was told staying home with a child is great but not an excuse because they want 2 years of work history. I was also told this is a lender overlay they have with FHA loans as well. Anyone else have heard of this?
Discouraged.
That is definitely a lender overlay. There are situations that can be considered, such as staying home with a child. The underwriter can do whatever they want with justification however. If the underwriter does not like a layoff, or a lesser position, or a decrease in pay, they can deny the loan. The loan officer probably has a feel for what their underwriter likes to see.
Don't get discouraged. There are other lenders.
Their underwriters are sketchy in my experience. Read my story, it's at the top of the forum right now - they really screwed me over with some made up madness.
I wish you all of the luck! Even more than luck, be persistent and diligent, and don't get discouraged! My dad with 800s scores and perfect history and uber income had hell refinancing on a home that appreciated in value... it's hell for everyone right now.