Can I get a home loan with my income if I haven't been working for 2 years?
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My husband and I would like to buy a new home. We are outgrowing our current home, and considering adding another child. Over a year ago, I quit my job and stayed home for 9 months when our youngest was born prematurely, and I went back to work at a new, higher paying job 6 months ago. Is it possible to get a home loan and include my income, even though I haven't been steadily employed for 2 years? Everything I've found says you need at least 2 years of steady employment. We don't want a loan just based on my husbands income, as we obviously won't be able to get near as much of a house.
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Answer:
If you went back to working doing basically the same type work you can count your income to qualify. The Family Leave legislation allows you to step right back in and count your income. Contact a few "direct lenders" and get a pre-approval of a loan.
LindsayV at Yahoo! Answers Visit the source
Other answers
Talk to your bank and see what type of loan you can pre-qualify for. Your absence from work can be explained as you had a child. If you are currently employed and you both have good credit scores you should be able to get a loan even with the time off.
cainvest1
Nope....if you want your income to count, you have to play by the rules. Those days are LONG over where the rules were made up on a case by case basis.
Ryan M
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