Getting a Mortgage with Employment gaps

Home Loans with Gaps in Employment
- All programs are fine with job gaps less than 30 days

- Fannie Mae technically does not have any Job Gap max allowed limit like Freddie Mac. Technically borrower can be out of a job for years and come back to workforce along with letter of explanation and be okay- only full time hourly or salary allowed

- Freddie Mac: If the gap is greater than or equal to 6 months, a letter of explanation from the client is required explaining the circumstances surrounding the gap in employment. Freddie needs a 12 month work history in the last 24 months - only full time hourly or salary allowed

- FHA - job gaps over 6 months are issue. They are doable if borrower has been with current employer for 6 months and they a consecutive 2 year work history prior to any job gaps

- VA requires borrower to have 12 months history on current job if there are job gaps over 60 days with the last 2 years. Explanation letter needed - and only full time hourly or salary allowed

Видео Getting a Mortgage with Employment gaps канала The Mortgage Brothers Team