Profile picture for Moosey79

Can I get a loan if I was working for a family business, took 2 years off, and just got back to work

I just came back to work after taking 2 years off. There was a mix of circumstances at play such as:

1. I work in my family business, and due to the economic downturn, I was the one to take it on the chin in terms of salary. I continued to consult, however, I was only paid in stock, so there's no W2 for 2010.

2. I also took that down time to work on starting a family (sadly, I am still w/out) and do some volunteer work.

3. During that period, I also self-studied and am now have a lot more skills to bring back to work with me.

My mortgage guy wants the exact dates of my leave of absence and reason. What should I tell him? I am trying to qualify for a Fannie Mae Homepath mortgage that is quite low (around 100K) and I have 20K in the bank.

Before the economic mess, I had a steady career in technology and have owned several homes. My credit is OK, not great, but not awful either.

Thank you for your help. I really want to own a home again.
  • August 18 2011 - Overlook
  • 0Yes

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Answers (4)

Profile picture for Denverlender
All banks will want to see at least 6 months on the job again.
  • August 18 2011
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Profile picture for shapiroamg
For a year plus out of work, you need to back on the job for at least 6 months.
  • August 18 2011
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I'm a little surprised that your "mortgage guy" doesn't have the answer to that question for you. 

Contact Mark Boeck, Windermere Mortgage Branch Mgr.  MBoeck@Windermere.com or 503-497-5367.  He's a really nice guy and will know all the ins and outs of breaks in employment for Homepath loans
  • August 18 2011
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Profile picture for waitedav
I have a great lender who is super successful with credit challenges.
Contact Tom Fitkin with Oswego Mortgage at 503-697-7214.  Let him know that I suggested him to you.  He is a great guy and he has gotten folks like you  into properties without too much effort.  He owns his own mortgage company which gives him more flexiablity than most lenders.

If he can't help you get into a property he can put you a plan that will enable you to purchase in the near future.  I wish you luck and hope that you do check out Oswego Mortgage and I would love to assist you finding that "right" property once you have your finances in order. 

David Waite-JLSMC
  • August 18 2011
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