Posted on: 10th Apr, 2011 06:12 pm
I've previously owned homes, have excellent credit, but was out of work for 5 months and have only been at my new job for 2 months. How long do I have to wait before a mortgage company will allow me to purchase a new home.
Hi emk,
You need to show two years of employment history in order to get a mortgage to buy a home. If you can show two years of employment history, then you can get a mortgage now. However, in order to get a mortgage, you should have a good credit score as well.
Thanks
You need to show two years of employment history in order to get a mortgage to buy a home. If you can show two years of employment history, then you can get a mortgage now. However, in order to get a mortgage, you should have a good credit score as well.
Thanks
emk, the real answer to your question is only going to be determined when you speak with a lender. Are you in the same field that you were in prior to your unemployment period? Have you switched careers? Are you making a better, or lesser, salary? Did you maintain your credit standing while you were out of work?
Visit a few lenders, or call them, and ask specifically what their needs are. That's the most effective way to get a specific answer to your question.
Visit a few lenders, or call them, and ask specifically what their needs are. That's the most effective way to get a specific answer to your question.
