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Mortgage after job loss ?

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Mortgage after job loss ?

My husband and I have been planning on purchasing a home in the next year and have been working on our credit. His score is 627 and mine is 576. The problem is that after 6 years I lost my job last month. Smiley Sad I was making 70k plus bonus and my husband makes 37k. I am now unemployed and collecting severance payments (they gave me 4 months). After I guess I can collect unemployment but I am hoping to have a job before then. My question is will this employment gap and having a new job affect my ability to get a mortgage? I obviously should wait till I find a job before I buy but Since I have so much time in my hands now that I'm not working I cant help but to constantly try to think and plan and all that. Thanks for your help!!!
11/30/14 EQ 545 TU 573 EX 602 01/15 EQ 545 TU 586 EX 589
02/15 EQ 643 TU 627 EX 669 03/05/2015 EQ 708 TU 744 EX 707
05/2017 EQ 659 TU 676 EX 683
Goal: 700s across the board Smiley Happy
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Re: Mortgage after job loss ?

If you find another job in the same field you will ok  no job gap.

If it's in another field then yes you will have to wait 2 years .

Ps  I am not an expert ,this is just my opinion

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Re: Mortgage after job loss ?


@Creditobsessed12 wrote:
My husband and I have been planning on purchasing a home in the next year and have been working on our credit. His score is 627 and mine is 576. The problem is that after 6 years I lost my job last month. Smiley Sad I was making 70k plus bonus and my husband makes 37k. I am now unemployed and collecting severance payments (they gave me 4 months). After I guess I can collect unemployment but I am hoping to have a job before then. My question is will this employment gap and having a new job affect my ability to get a mortgage? I obviously should wait till I find a job before I buy but Since I have so much time in my hands now that I'm not working I cant help but to constantly try to think and plan and all that. Thanks for your help!!!

The issue I see is two fold:  1) the job and 2) your credit score.  The mortgage lenders use the lowest mid score for the both of you. You make the most income so your income is necessary to obtaining a mortgage. If you stay in the same field you should be okay presuming you get employment right away and your current payments aren't affected by your job loss.

 

Head over to the rebuilding forum to see what you can do to improve your credit scores now. It might be something very simple such as fixing your utilization or goodwill letters or PFD's but you will need to improve your score to get a decent loan.

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