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After Job Gap/Time Off – Need 6 Months Back On Job

We have many borrowers returning to work after extended periods of time off. We often see borrowers leave their jobs to work in other fields, or to take time off altogether (to take a break, raise kids, etc).

When borrowers return to a W2, salaried position after an extended break of one year or more, they usually need to be back on the job for six months before we can use the income from the position to qualify for a mortgage.

Borrowers on maternity leave do not have this requirement; we can use their income as soon as they return to work.

Borrowers returning to self-employment, or becoming newly self-employed, still need a 2 year history in most cases. Strong borrowers can get by with one year of self-employment in some cases.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646