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Obtaining a loan after unemployment

My husband and I are looking to relocate. He submitted all of the requested information and was pre approved for a loan. We were told to continue on with our home search and found a house that we fell in love with. We paid for the inspection because once again our "financial expert" told us we were good to go. We recently submitted all of my husbands financial informaiton to start the loan process and all of the sudden we were told no because my husband has only been in his current position for one year and was on unemployment prior to that. I am very frustrated at this entire process and would like some help in trying to figure this out as I do not want to lose this property!
  • December 07 2012 - US
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Answers (5)

Savings, credit, and likelihood f future employment are more important than that year of unemployment.
  • December 07 2012
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Was his new job in the same field as he was in previous to the unemployment?
  • December 07 2012
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Yes it is however he was out of work for over two years. On a positive note he has received four pay increases since starting at the new job
  • December 07 2012
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Profile picture for Ofe Polack
Why don't you try another mortgage broker and see what happens?
  • December 08 2012
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Most loans do require a recent two year history of employment.  Breaks in employment may be acceptable depending on the reason, and if that reason is verifiable.... for example, was he off for a medical reason? Was he attending college to further advance his career?, etc.  Find a good lender, and be frank about your situation and work history so that he/she can best advise you.... it's unbelievable to me that your current lender let you go all the way through the buying and pre-qualification process and didn't know about your husband's break in employment....
  • December 08 2012
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