I took a year off from work, how long do I need to wait before trying to get a home loan?

Question

I still have $20,000 for a down payment and no unpaid loans.

I am just starting a new job.

Answer 1

Lenders typically look for 2 years of employment on the same job or industry. If you credit is in good standing, you sometimes don't even need to submit a W2 for the prior year. All they will ask for in that instance is pay stubs for the last 30 days. With a letter of explanation of why you didn't work for the past year, you shouldn't have a problem as long as it is for a viable reason. With a good down payment, as you stated you have, I wouldn't see you having much of a problem. Good luck!

Answer 2

Your going to need a two year work history and any lack of employment is going to have to be explained-- unless you do a NO DOC loan . You need to have AT LEAST a 690 score to do that and almost no one loans no doc at 100%. They will do 90%. So with 20 k down you can buy about a 185K home and pay you closing cost

Answer 3

You can easily ask a mortgage broker this question. My guess is you qualify right now. Figure getting a loan to cover 80% of the market value which would mean an 80,000 loan with your downpayment of 20,000.

Fred

Answer 4

You are going to have problem getting a loan without a stable work history. I just hope that your former job and your new job are in the same industry or the same field. That will work for you.

Answer 5

Typically 12 months or job stability such as going from one job to another within the same field, since you took ayear off of work I would wait a while(12 months)