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Established Member
TnTNYC
Posts: 30
Registered: ‎11-17-2012

Wife Has New Job After Years Unemployed

She will be working for about 6 months by the time we have the down payment we want (Sept. 2013), and are ready to look seriously at our first home.  However, she's been unemployed for about 3 years, less a 6-month temp position a year ago.  Will lenders only require a few months of pay stubs to allow her inclusion to the loan process?  Will her lack of work history be a detractor to approval?  Mind you, our W2's and tax returns for those past few years will basically show only my income.

 

I'd like to include her on the loan so she can improve her score.

 

Thanks!

 

TnT


Starting Score: 707 (Experian); 702 (Equifax); 740 (TransUnion)
Current Score: 777 (Experian); 774 (Equifax); 782 (TransUnion) as of 12/24/2013
Goal Score: 800


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Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Wife Has New Job After Years Unemployed

If her score are good she can be on the loan but I dont think they will count her income in the ratios.

Established Member
TnTNYC
Posts: 30
Registered: ‎11-17-2012

Re: Wife Has New Job After Years Unemployed

Her scores are low-700's so am not concerned to include her from that perspective.  We won't consider her income in our own property search, so nothing lost there.  Thanks for clarifying, I really wanted her to get the boost of being on the loan.

 

TnT


Starting Score: 707 (Experian); 702 (Equifax); 740 (TransUnion)
Current Score: 777 (Experian); 774 (Equifax); 782 (TransUnion) as of 12/24/2013
Goal Score: 800


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Super Contributor
DallasLoanGuy
Posts: 6,094
Registered: ‎07-03-2007

Re: Wife Has New Job After Years Unemployed


TnTNYC wrote:

She will be working for about 6 months by the time we have the down payment we want (Sept. 2013), and are ready to look seriously at our first home.  However, she's been unemployed for about 3 years, less a 6-month temp position a year ago.  Will lenders only require a few months of pay stubs to allow her inclusion to the loan process?  Will her lack of work history be a detractor to approval?  Mind you, our W2's and tax returns for those past few years will basically show only my income.

 

I'd like to include her on the loan so she can improve her score.

 

Thanks!

 

TnT


depends on the letter of explanation.

why unemployed?

 

fha has a provision for those 're-entering the workforce'

 

an example of someone re-entering the workforce would be a person who chose to stay home with the kids. now they are in school and that person seeks employment again.

i heard an example of a lady who stayed out 20 something years. raised kids thru empty nest. re-entered in the same field..... and the 2yrs rule was not applied.




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