Can you buy a home if you have a gap in your employment history?  Most home loan programs require at least a two-year work history, with some exceptions for those with only one year.  However, if you have a gap of more than 30 days or multiple gaps in income during the last two years, a lender may question that.  The reason is that the lender is looking for consistent income, which is reasonable to assume will continue to make the home loan payment.  If the income or your employment history is not consistent, it does not mean you cannot get a loan.  We will need to document the reasons, and the lender will need to decide if gaps in employment were temporary or a consistent part of your employment history.  If you have had gaps in your job, I’m here to help, so let’s talk!
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Can you buy a home if you have a gap in your employment history?  Most home loan programs require at least a two-year work history, with some exceptions for those with only one year.  However, if you have a gap of more than 30 days or multiple gaps in income during the last two years, a lender may question that.  The reason is that the lender is looking for consistent income, which is reasonable to assume will continue to make the home loan payment.  If the income or your employment history is not consistent, it does not mean you cannot get a loan.  We will need to document the reasons, and the lender will need to decide if gaps in employment were temporary or a consistent part of your employment history.  If you have had gaps in your job, I’m here to help, so let’s talk!

ByBrandon Butler

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What happens when you purchase a 2-4 Unit property, and no leases exist? Is there a way to count the future leases as income? One of the advantages of purchasing a 2-4 unit property is that you can live in one unit and rent out the others.  When you buy a 2-4 unit property, and there are no leases, the lender will ask the appraiser’s opinion of Fair Market Rent.  There are other requirements depending on the type of loan you are considering, so let’s talk about your situation!
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What happens when you purchase a 2-4 Unit property, and no leases exist? Is there a way to count the future leases as income? One of the advantages of purchasing a 2-4 unit property is that you can live in one unit and rent out the others.  When you buy a 2-4 unit property, and there are no leases, the lender will ask the appraiser’s opinion of Fair Market Rent.  There are other requirements depending on the type of loan you are considering, so let’s talk about your situation!

ByBrandon Butler

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.