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I resigned from my job in 2009 to take on extra credits (as many as 21 per semester!) and graduate from college quicker. I graduated in late 2010, but was then unable to find a job. At the same time my grandmother's health deteriorated so I took that opportunity to step in and become her full-time caregiver. Without getting into too much detail, I was relieved of these responsibilities about a year and a half later, and was able to begin my career. I have now been with my company for 1 year.
My wife and I recently found a house, had it inspected, signed the contracts, and have signed all loan disclosure forms. We are currently in underwriting. My mortgage broker told me to explain my situation in a letter to the underwriter. He is confident he can make it work but there are obviously no guarentees, as two years of steady employment is generally what is acceptable.
Some background: we are in NY, doing an FHA loan, have approx. 700 credit scores, and would need both of our incomes to be counted in order to be approved for a home of this price.
No, non paid work is not part of a work history. You need to prove income. Caregiving for free is not income.
However, do as your loan officer suggests, write the letter and see what happens. You just never known, maybe you'll get lucky..
I already wrote and submitted the letter.
If you need to prove income as you say, why is being a stay-at-home mom acceptable under these guidelines? They earn no income, but if a person was a stay-at-home parent they can be working only 6 months and still be eligible for an FHA loan. The same holds true for a student who gets a job right out of school with no period of unemployment in between. One would assume these circumstances would be treated similarly. Correct me if I'm wrong but it seems as though they are trying to establish more of a record of responsibility rather than necessarily a solid two years of income, when the surrounding circumstances make sense.
Last edited by HouseHunter12345; 04-18-2013 at 12:36 PM..
HUD/FHA will allow a stay at home parent if that parent had a two year work history prior to taking time off. They will also usually consider a full time college student to use some of that time toward employment history if they get a steady job right after college.
Your situation is tricky. Wait and see what happens.
HUD/FHA will allow a stay at home parent if that parent had a two year work history prior to taking time off. They will also usually consider a full time college student to use some of that time toward employment history if they get a steady job right after college.
Your situation is tricky. Wait and see what happens.
Thanks for your response. I guess I should add that I do have a two year work history prior to quitting my job in 2009. As such, per my loan officer's request, I provided him with tax returns and W-2s from 2008 and 2009.
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