Question: Borrower was unemployed for a year, but prior had strong work history. He has been back to work for over 7 months in the same field. Can we use his income to qualify?
Response: Since the borrower has been back to work for 6 months or more then he should be eligible to borrower money given the borrower is working a regular hourly or salaried schedule with regular pay.
Watch-out, if the borrower is 1099'd, piece work, commission, tip, contract, temp or any other non-standard form of pay, then lenders most likely will require the borrower be back to work for a minimum of 12 months to calculate an average for qualifying. Depending on the job type, the borrower may need to be back to work for a longer time period.
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