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rentfay · Joined: 13 Apr 2009 Posts: 1 1.55 Dollars($)

Moved from NY to NC in 1999 to take care of parents until they died
Left f/t job in NY and had work history of more than 30 years
Worked p/t and f/t in NC while caring for parents - most of my income went to paying for day aide while I worked
Sold home in NC in early 2008
Relocated back to NY last summer - took 2008 off after almost 9 years of 24/7 caregiving - needed personal break - did work odd jobs (catering, sold artwork, painted houses, website design)
Have worked 2 p/t jobs since 12/09 and 1/09 - both in my fields: customer service, office admin, database management - one position is temporary through 9/09 - I am not worried about other employment - either this position continuing (cannot guarantee now), other p/t position increasing in hours, or I will find another position - I have never been out of work and have broad work experience enabling me to find employment easily
Income currently only 1600-1800/mo
Zero debt, 735/mo rent
Own car - low (70k) miles, 2001 RAV in excellent condition
Approximately 40k in cash
Accepted purchase offer on 66,500 house
20% downpayment
798 and 820 credit scores
Have owned 3 houses previously and satisfied all loans w/no problems

Bank will not provide conventional due to recent short job history; suggesting FHA w/cosigner - will I qualify?

I have excellent work history and strong credit. Feel I am being penalized because of recent break due to relocation and taking time to try and get life back on track. Left a good job with US Govt. to take care of parents. Isn't there some way to have my OVERALL history reviewed rather than just last year?

Thank you.

jenkin7 · Posted: Mon Apr 13, 2009 11:55 pm Post subject:

Hi ,

It is true that most of the lenders would require you to provide a good work history atleast for the past one year. Even FHA requires the employment history of the borrower for the past two years. If there is any gaps in the employment, the borrower can submit a 'gap letter'to the lender explaining why he was out of work for a certain period of time.

You will have to shop aroung a little to find a lender who would offer you a loan in this situation. You can also seek a no-obligation free consultation with the lenders in this community. If your profile is in tune with their requirements, they will get in touch with you.

gmakerley · Posted: Tue Apr 14, 2009 10:16 am Post subject:

fay, you're in a tight spot. lenders do not consider part-time employment suitable for qualifying.

i'd suggest you find yourself a credit union that does mortgages, or a local, community-oriented bank...your best bet is a portfolio lender; someone who will hold your mortgage and not be concerned with selling it on the secondary market.

if you've been told fha will work with a cosigner, then that's an option too...i understand how you feel about your entire history, but things have changed so much for the worse in the last 2 1/2 years, that a person in your shoes has far less flexibility than in the past.

gmakerley · Posted: Tue Apr 14, 2009 1:52 pm Post subject:

i am online now, too!
oh yeah, i guess that was obvious.

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

FHA will require a 2 year work history as well, a co-signer is your best bet right now - but it is still a bit of a chance, make sure who ever you are working with runs your application thru LP for an actual approval for your own protection

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Qualifying with Short Work History