Posted on: 07th Jul, 2010 08:47 am
My husband lost his job due to the economy and was out of work for 15 months. He landed a great job, making more money than before and has been at his job for 3 months. Would we have problems getting a mortgage because he was unemployed?
Should be ok for a mortgage once on present job for six months or longer.
There is no need for six months history Pam. As long as new position is a salaried position he will just need to provide a 30 day paystub and you're good to go.
For a period of 15 months, it's very likely he'll need to be on the job longer than just having received a months worth of pay. 6 months will most likely be needed, and if this is an FHA loan, 6 months will definitely be needed.
FHA guidelines on this can be found:
http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-1.4.D.1.d
FHA guidelines on this can be found:
http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-1.4.D.1.d
