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Work History for getting a home loan

I have been a member of a Union for 23 years, but have been unable to work regularly for the past 4 due to personal reasons that I don't want to go into here, so I have very little recent work history. My wife has been at her current job for a little over 3 years, she makes 52k a year.
 
My question is, should I put my Union job on an application for a home loan because of the long history, or does that not matter because I have nothing significant to show for the previous 4 years. I'm still registered with the Union & keep my dues up, but last year (2012) I only worked a total of about 6 weeks & this year I've only worked about a week so far (just enough to keep my name on the roster), I didn't work at all in 2010-2011.

If I don't list my job (basically saying I don't have a job) will my wife's employment be enough for us to be able to get a loan? I know there are more things involved in getting a home loan, and I've found a lot of good information online about the process, but this is one thing that I could not find anything about, so I'm hoping that somebody will be able to offer some insight.

  • October 04 2013 - US
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Answers (2)

It's difficult to completely answer this question because there are many factors that can affect your ability to obtain a loan. These factors include credit score, income, employment, debt, expenses, assets, liabilities, down payment, etc. It's possible to try to get a loan just under your wife's name. This means that they will only be looking at her financial information and the mortgage will be based off of that alone. This may also affect the loan amount that you are approved. The best way to solve this problem is to speak with a lender because there are a lot of details to be discussed. There are lenders like myself that would be glad to speak with you to help you get the loan that you need.

Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me.

Good Luck!
  • October 04 2013
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Profile picture for CallTheSisters
It depends on several factors.  The foremost is will her salary support the price of the home you are looking to buy?  Only a mortgage broker can look at your situation and give you an answer as to the best way to attack the problem.
  • October 04 2013
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