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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.
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.
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.
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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