My husband and I have good credit history and no debt, but due to a couple of international moves and my choice to stay home with our baby our work history looks somewhat spotty. We just returned to the US 6 months ago and he's been working as a temp for 3 months. He will be starting a permanent position in February and we were wondering how long we will have to wait until we might stand a reasonable chance of being approved for a mortgage. It would be a smaller mortgage (no more than $80k, or less than 3 times his salary).
How much would the size of downpayment (5% vs 10% vs 20%) make on the length of time he'd have to have with the job before we could get approved?
Thanks for your help.