Posted on: 22nd Jan, 2014 09:57 pm
Hello there... I have a credit score of 724. My gross monthly income is 2500. I do not have any outstanding debt but do have gaps in employment. Will I be able to qualify for a mortgage?
Hi Guest!
Welcome to the forums!
Gaps in employment will make it quite difficult for you to qualify for a mortgage. You will have to show a minimum of 2 years of steady employment to get the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Gaps in employment will make it quite difficult for you to qualify for a mortgage. You will have to show a minimum of 2 years of steady employment to get the mortgage.
Feel free to ask if you've further queries.
Sussane
How long ago and how long was the job gap - as long as you have a two year history of working in the same line of work you may be ok - Job gaps happen but need to be short or an underwriter may take issue - if you have had a long job Gap you may need 6 - 12 months of current employment to get past this
Your income will limit you but you should be eligible to get a mortgage - How much were you hoping for?
Brian Barnes
ENG Lending
National Lender
Your income will limit you but you should be eligible to get a mortgage - How much were you hoping for?
Brian Barnes
ENG Lending
National Lender
Even with such good credit score as 724 and gross monthly income of 2500, you will not be eligible for a new mortgage loan because you have gaps in your employment. You must be holding your job for a minimum of 2 years in order to obtain a mortgage.