As long as you have a good story to tell, you shouldn't have a problem. FHA guidelines do require you to be working for 2 years, however, if it was something beyond your control, you may still be able to qualify. keep letters on everything (letter of discharge/letter of medical leave/letter from unemployment agency). Go to temp/perm agencies and grab their business cards. Remember that temp work has to be counted for two years in order to use it as income. So, stay away from self employment or temp agencies (if wanting to buy a house). Go to a temp agency if your'e starving to death and need to pay the light bill. That's more important.

I agree with Matt's answer. The reason I am 'piping in' is to let you know that I have a client that was laid off mid-year 2008. He found a new position after about 4 months there after in the same industry. He's in escrow on two properties, both of which he is obtaining conventional financing for. So yes, once you have a job again (in a similar line of work) you should be able to qualify fairly quickly.

I hope that helps!!
Tara

Tara Steinke
Residential Sales and Appraisal
San Diego
619-384-6014
SDRealtor.Tara@gmail.com

I agree with the other agents on their advice. Lending guidelines are getting strick and you should have a MINIMUM 2 year history to show. But don't get disappointing, this is a process, if you're working closely with an agent, i'm sure he or she will advice you and give you goals to achive, home ownership the proper way. So just go and stablish your employment and assets so by the time you're ready then it will be a smooth ride. Good Luck

Lender requirements 2 years employment, 620 credit score or above, 3.5% or more as down payment.

I would wait for employment of 2 years gone by then apply for a loan.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Lynn911

Hi.
I am sorry to hear about your medical leave and being laid off because of it. These are definitely tough economical times and hopefully you will find yourself a job soon!

You should wait until you are working again for several reasons. The first being that as a lender will need to know what your salary is to qualify you. The short time on your new job will not hurt you, but will not help you either. You did not state if you are getting a job in the same line of trade you were in previous to your medical leave. If so, lenders do like it when you have been in the same trade or industry for a longer period of time.

My last suggestion would be to use this time and order your credit report from the three credit bureaus and take a look at them to see if everything looks like it should be in check. This way if you have any discrepancies that need to be taken care of, you will have time to do so before applying.

I wish you luck in your future job search and home finding!

Sincerely,

Matt McClain
Axiom Real Estate/Axiom Lending
626-354-3813