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Employment Question


Captain F
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My brother is applying for a loan and here is the question...

He was at his job for 4 years.

Took 2 years off

Went back to the same job with the same company with the same pay, and has been back 1 year

On the loan app when it asks time on job....  1 year or 5? 

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i'd say 1....2 years is long enough to be considered an employment gap, imo. 

 

 

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I'd put 1 year. And, if there is a place or a field to 'add comment's', then I would explain the situation in more detail regarding his past employment.

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if he dresses up as the cash net usa guy, i'll loan him the money. 

he can't create an account on here and as us himself ? what is he, a commanders fan ?

tell your brother he's gotta pay his dues. 

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I'd put 5 and let them tell him he's wrong. Ive been working with my dad since I was a kid, sometimes I count my 18th birthday as my employment date, sometimes I count when I started working summers at 14. It's never come up as wrong on a loan

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The documentation he is asked for will depend on the loan he is applying for. He could be asked for his most recent pay stub and 2021 W2, or the past two years W2's. If he puts the 5 years of course he will not have a W2 for 2020 and he would need to explain what happened. Since he has a full 12-month history and prior two-year history he should be okay with the gap, he will just need to explain the reason for that gap. Keep in mind that the loan company will do an independent verification of employment, so the employer needs to corroborate whatever his answer is or that could lead to further questions from the underwriter. 

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My apologies to OP, i missed the memo stating we would take this thread with a heroic dose of seriousness.

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20 hours ago, What The F said:

My brother is applying for a loan and here is the question...

He was at his job for 4 years.

Took 2 years off

Went back to the same job with the same company with the same pay, and has been back 1 year

On the loan app when it asks time on job....  1 year or 5? 

They are evaluating stability with current employment which is 1 year. 

Does it ask previous job history?  If so the gap could be a flag unless he has a good explanation whether COVID layoff, family emergency etc. It's also only one piece of the evaluation so hopefully other factors are solid.

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Go in, wave a gun around then say "kidding, so how about a loan there Johnny"

Should work.

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On 3/4/2022 at 2:46 PM, What The F said:

My brother is applying for a loan and here is the question...

He was at his job for 4 years.

Took 2 years off

Went back to the same job with the same company with the same pay, and has been back 1 year

On the loan app when it asks time on job....  1 year or 5? 

I'd say 1. As soon as they run his credit score they'll decide whether or not he gets a loan and what the interest rate is

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When I was changing jobs I let the loan officer know I won't be working for at least 4-6 months in between. They said that was fine as long as I had proof of the new employment and that I was still getting paid the same or more because approved loan was based off of the income I was making at the time of the loan application. 

I hope this doesn't help. 

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Buying a house in December dropped my credit score below 800 <_< 

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