It’s not impossible to qualify for a mortgage after switching careers or being laid off. Here’s what you need to know if you’re going through a similar situation.
Will your work history, or more specifically, will the fact that you have a gap in employment or a career change affect you when you want to get a mortgage? It’s a question I’m often asked by clients.
Essentially, work history requirements change depending on the loan. If you have a gap of employment, but have a good reason for it such as a death in the family or a medical issue, you’ll probably be fine as we can build a strong case with supporting documents.
It also depends on the time period we’re talking about. If it’s only been a few months, it’s usually not a problem. If it’s been almost a year, however, that’s a different story.
Don’t rule yourself out without inquiring and deciding on the best strategy with a professional team. This goes for job changes too. If you go from one job to another in the same industry with increased pay, you shouldn’t worry about not qualifying. However, if you’ve taken a pay cut or switched careers entirely, it could make things more difficult.
It’s all about getting together with the right team to help you sort through everything to build your profile as a strong candidate moving forward. Make sure you are honest with the person or people you are working with. If you are, they should be able to help you put everything together. Even if you can’t qualify for a mortgage today, they should be able to get you on a path to doing so.
We deal with these types of situations all the time and we’d love to share our expertise with you. Even if you’ve been laid off or have a new career, we can find a solution for you.
If you’d like to talk about your personal situation and what your options are for getting a mortgage, you can always give me a call or send me an email. You can also schedule a call with me here.
If you have any other questions, you can always give me a call or send me an email. I would love to hear from you. Don’t forget to share this with anybody you know who is in a similar situation.