Profile picture for marcos draco

I got laid off for 4 mos.in 2011. I've been at my job for 3 yrs. Will this affect me??Q

  • April 30 2012 - Industrial Corridor
  • 0Yes

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Answers (4)

You will more than likely need a letter of explanation for the gap in unemployment.  It will be a good idea to get a solid underwriting approval early on in the process.
  • May 01 2012
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It depends on the reasoning behind the layoff... was it a one time deal or will be seasonal? Many lenders will require a manual underwrite for gaps longer than 30 days. This is where it will affect how much you qualify to finance since your maximum debt ratios are limited depending which product... make sure your lender knows fully this situation to avoid pitfalls and is fully knowledgeable of their guidelines regarding this. 
  • April 30 2012
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Profile picture for Ofe Polack
Have a word with your lender...are you planning on purchasing a home right now?
  • April 30 2012
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If you're asking if this will affect your ability to obtain a loan, then yes, probably.  They will take your total income for the year into consideration, so if you made less than normal they will consider that year's total income.  It may not necessarily have a detrimental affect, but you should ask your local loan officer for a pre-approval letter if you are considering a purchase in the near future.  He/She will be able to better assist you. 
  • April 30 2012
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