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Can you qualify for a mortgage with gaps in employment?
Many home buyers believe they do not qualify for a mortgage loan because they have gaps in employment. Some mortgage lenders do have mortgage lender overlays when it comes to gaps in employment but Fannie Mae mortgage lending guidelines allow a home buyer to get qualified for a mortgage loan with gaps in employment. Per Fannie Mae and HUD mortgage lending guidelines, a mortgage loan borrower who has been unemployed for six months or less and just got a full time job, there is no seasoning requirements on the new full time job they have and all that is required is a verification of employment that he or she is employed full time and that the employment will continue as a full time employee. 30 days of paycheck stubs is required prior to closing. If the mortgage loan borrower has been unemployed for six or more months, then the mortgage loan borrower needs to be employed for at least six months with their current full time job. It does not matter how long they have been unemployed if they have been unemployed for six or more months.

Attached is a blog I published on gaps in employment and mortgage loan qualification.

You can change employers during the mortgage approval process but there will be a mortgage loan closing delay. If you close employers during the mortgage approval process, the mortgage underwriter needs to do a written verification of employment and you need to provide 30 days of paycheck stubs prior you are issued a clear to close.

Here is an article about changing jobs during mortgage approval process I recently wrote and published on my blog post:


If you have had more than six months in gaps in employment and got your old job back after six months, there is no waiting period as long as you have returned to your previous job. If you got a different job after a six month employment gap, then you have to wait six months on your new job. Fannie Mae mortgage lending guidelines now does not require for those who have been unemployed and returning back to their old job after six month employment gap. Here is an article I wrote and published on http://www.gustancho.com.



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