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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FHA does not require you to play favorites with your children! Did you know that FHA will allow parents to help their adult children purchase a home by acting as a Non-Occupying Co-Borrower? They will also allow you to do this for more than one child, provided the house will be their principal residence. If you are searching for ways to help your children buy a home, let’s discuss the options!
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FHA does not require you to play favorites with your children! Did you know that FHA will allow parents to help their adult children purchase a home by acting as a Non-Occupying Co-Borrower? They will also allow you to do this for more than one child, provided the house will be their principal residence. If you are searching for ways to help your children buy a home, let’s discuss the options!

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.