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New source of income and Loan qualification
Originally we were going to buy a house on my income alone since we didnt want to spend too much on a home & DH hasn't had the most stable source of employment and had been looking for a better job for a while. Recently DH was accepted a great stable job opportunity that he could picture doing long term.
We had planned on starting on looking to buy in a few months but now I am think we should wait so that his income can give us an opportunity for a larger home. But my question is how long is this? I see for FHA loan, it's two years. DH unfortunately has had a few gaps employment in the last few years. We would be looking at a more conventional loan since we would have a reasonable downpayment, credit scores are good. Does this vary by bank/lender? or some standard timeframe?
Re: New source of income and Loan qualification
Two years is pretty standard across the board. I was unemployed for three months last year, but because I've been steadily employed in my field for five years prior to that and another year since then, it wasn't an issue. DH has been at his job for 5.5 years which helps as well.
I'm currently looking to buy in the Philadelphia suburbs. I'll PM you the name of the mortgage person that we're using. You could definitely run your situation by him and he could give you a good idea of whether you'd get approved and what your options would be.
40/112
We went for a conventional loan an DH has only been at his job for a year. Before that he was on unemployement for almost a year and a half. And before that he bounced around at jobs. We still got the loan, the lender just asked for a letter explaining his employment history.
For an FHA loan, for any employment gaps, you will need to be back on the job for six months. I just had a borrower with about who retired at the end of 2010 and start back to work August 22, 2011. We literally had to wait to close his loan until the 22nd of this month. That was for a refi, but the same holds true for a purchase.
Wait until he has been on the job for six or so months prior to closing. You will also need a letter of explanation for the gaps