I was laid off from my job for about 12 or 14 weeks last year; eventually I was hired back on and have been employed continuously since. Does anyone know if that would be considered a break in employment and therefore kill our chances to obtain a mortgage loan? I surely hope not, I am absolutely dying to get out of the Jello Belt. Thanks!

I from British so I can't comment on your situation, but over here they are only looking to see if you are currently in secure employment - what happened in the past isn't really relevant. Most lenders here wouldn't care as long as you had been with your current employer for more than 6 months.

Argh! Darn you exmos and your fancy-smancy *on-topic* posts, pushing me off the page..

Yeah, it could. At the very least they are going to question you about it or ask you to write a letter explaining why it happened.

We had to write a letter to explain DH's time laid off, but once they had that we had no problems. IIRC he had only had his new job for 3 months at the time.

Why don't you go talk to a mortgage broker? (someone who represents a number of different loan companies.) Tell the broker your situation and see what he or she has to say. I got more of a break (in terms of income/credit requirements) from my broker than I later got refinancing the same loan through a bank. My broker was also willing to let me spend more on a home (which I knew I could afford) than my credit union.

You may be able to find a less expensive rate, but in terms of flexibility IMO a mortgage broker is the way to go.



Edited 1 time(s). Last edit at 08/19/2012 07:07PM by summer.