When applying for a mortgage, most people are aware of the key elements a Lender is looking for in a prospective Borrower:

• Income
• Assets
• Credit

However, the devil is in the details and it’s those details if you’re not aware of them that may impact your ability to borrow at the time you wish to do so.

So, lets consider the following:  You are 2-months into your dream job making a 6-figure salary, however, this is your first time working in the past 14-months as you took some time out of the work force to follow your dreams and travel, are you lendable or not?

Prospective Borrowers with gaps of employment of 6-months or more who have just returned to the work force and have not been back on the job for at least 6-months, may find it difficult to obtain certain types of mortgages.

The standard is that if one has been off work for 6 or more months, they have to have returned to full-time employment and have worked for at least 6-months before they are eligible for a mortgage.  There are some extenuating circumstances that may differ from this such as returning to the same employer after a medical leave, maternity leave, relocation etc.

Don’t assume that just because you are returning to a job field that you’ve worked in for many years you can obtain financing immediately upon securing a new job.

Questions? Give me a call, 360-459-1200!

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