Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for user3298445

Loan Qualification & New Job after Unemployment

I start a new job (same field and salary as my former position) on Monday. This after being unemployed (fulltime) for 14 months due to a lay off. Can I apply for a mortgage loan now or do I have to wait for six months in the new job as I have heard? Thank you!
  • February 02 2013 - Glen Ellyn
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

You do not have to wait that long. We work with lenders that will lend to you as long as you are 1. working full time. 2. Your current jobs verifies that your likelihood of continued employment is good. You will have only had to receive 2 pay checks.

  • February 04 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi there,
Congrats on your new job!  I suggest you contact lenders in your area for their parameters, but there will definitely be a waiting period before you can buy.  But the great news is that you are on your way toward home ownership!  Any reputable lender will be able to provide you with exactly their parameters and then you will be able to put a good plan in place as to when you will be able to buy. Good luck!  Janice
  • February 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

For Conventional and FHA mortgages, you will have to wait 6 months but it still may be worth reviewing the rest of your file.  Be very careful of anyone telling you sooner.  A co-borrower, large down payment could help
  • February 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

For Conventional and FHA mortgages, you will have to wait 6 months in order to be eligible. It's possible that you can find a portfolio lender who would be willing to make an exception, but interest rates would also likely be higher on a "high risk" portfolio product than that of an FHA or conventional mortgage ;oan product.
  • February 02 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.