Home loan with 4 month unemployment in last 2 years.

3 Replies

I want to purchase a home, and want to know if it is possible.

I have not had great credit in the past but currently have a 650 credit score. I have had late pays in the past, but have only 1 late payment on my credit in the last 3 years. My score is slowly going up over time.

The real issue is I was laid off work about a year and 4 months ago. I was unemployed for about 4 months and have been at my current employer for only a year.

I live in an area that has high house rents. I am currently paying $2,400 a month. We are looking at a $75,000 fix r upper. We have about $5,000 saved right now.

Will I be able to qualify for a FHA loan with 3.5% down? Or do I have to wait for another year to have 2 years of employment history. Would I have to have a higher down payment?

Income is $65,000 plus $12,000 a year per diem (Is this counted toward income? The IRS counts it)

I'm in the same situation except I was off due to Workers Comp since my job is civil service I didn't have a break in service my underwriter is requesting a waiver.  I should know something in a few days.  You can check back with me and I'll share my information if it worked or not.

@Adam Anderson

@Elana L.

Hello to you both. FHA requires 24 months of work history so in your case Adam they would go back 28 months.

The key thing is that you're in the same industry and for that time period.  You can qualify for something it just has to be structure correctly.

I hope this helps both of you and have a great day.  

@ Adam Anderson

FHA pre approved me they are just asking for documentation for the dates I was out on workers compensation. I returned to my original position with same company. Hope this helps.

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