+1 vote
I relocated from Canada to North Carolina in January 2017.  However technically, I resigned from my Canadian job in Aug 2017 (maternity leave - no pay).  I have an offer of employment for start date in Feb here in NC.  Will the lender consider my employment right up until Aug or only up until date of last pay check? Will this prevent me from qualifying?  Thanks in advance.
asked Jan 25, 2018 in Conventional Loans by ExPat
edited Oct 24, 2018 by GinaPogol

2 Answers

+1 vote
Hello ExPat, and thank you for writing. Ask your lender to verify your former employment with a VOE -- a Verification of Employment form. The employer should list your termination date as August, because that's when you resigned.

Most lenders will require an explanation for a six month gap in employment. However, your explanation is completely reasonable, and I see no reason why this would prevent you from getting approved for a home loan.

Check out this article on offer letters for home loans. https://themortgagereports.com/8812/offer-letter-mortgage-income-approval

Good luck, and welcome to the US :)
answered Jan 25, 2018 by GinaPogol (47,650 points)
edited Oct 24, 2018 by GinaPogol
0 votes
HUD GUIDELINES on gaps in employment is as follows:
1. Gaps of employment of 6 or more months, need six months of full time employment with new employer
2. Gaps of employment of less than six months, need offer employment offer letter and 30 days paycheck stubs prior to clear to close.

Gustan Cho NMLS 873293
answered Feb 6, 2018 by GustanCho (106,540 points)

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