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Old 07-11-2014, 09:38 AM
 
Location: Placentia, OC
1,487 posts, read 1,779,787 times
Reputation: 691

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So i am almost 2 years into my current mortgage. I was unemployed for about 3 months when i got laid off in july of last year. I am thinking about moving closer to my new job which ive been working at for about 9 months.

So my question is will i have to wait until i am with this company for 2 years before i get another loan on a new home? Of course ive never been late on my mortgage payment.
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Old 07-11-2014, 09:54 AM
 
Location: Fuquay Varina
6,420 posts, read 9,735,062 times
Reputation: 18289
You dont have to be with the same company for 2 years if you are in the same field. I started a new job when we were buying our current house. They only required my first pay stub to verify the numbers and we closed right after that.
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Old 07-11-2014, 10:20 AM
 
Location: Placentia, OC
1,487 posts, read 1,779,787 times
Reputation: 691
even with a 3 month gap in employment?

i have the exact same position btw
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Old 07-11-2014, 10:50 AM
 
5,340 posts, read 14,081,648 times
Reputation: 4699
Quote:
Originally Posted by infinitekid View Post
even with a 3 month gap in employment?

i have the exact same position btw
How long were you at the last job before being laid off?
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Old 07-11-2014, 11:22 AM
 
Location: Placentia, OC
1,487 posts, read 1,779,787 times
Reputation: 691
Quote:
Originally Posted by TimtheGuy View Post
How long were you at the last job before being laid off?
over 6 years..
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Old 07-11-2014, 11:57 AM
 
5,340 posts, read 14,081,648 times
Reputation: 4699
Quote:
Originally Posted by infinitekid View Post
over 6 years..
You should be fine. Especially if you are putting 20% or more down. Even if not, the employment history should be fine assuming your status is full time and you don't need to count commission or bonus income toward qualifying.
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Old 07-11-2014, 12:41 PM
 
Location: Placentia, OC
1,487 posts, read 1,779,787 times
Reputation: 691
i can do 20%

ok now to talk to the wife lol
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Old 07-12-2014, 07:29 AM
 
Location: MID ATLANTIC
8,650 posts, read 22,804,519 times
Reputation: 10461
You should be fine. The lender will want you to write a letter about the gap in your employment. Be honest, but highlight (with neon arrows) that your mortgage was always your first priority, you had reserves to fall back on, and you didn't want to rush into the first job that came along (in case history repeated). They'll eat that explanation right up and serve you your mortgage.
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Old 07-12-2014, 04:22 PM
 
Location: Placentia, OC
1,487 posts, read 1,779,787 times
Reputation: 691
good advice guize...i like the letter info to add
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