Real Estate Home Mortgages/Mortgage after being stay-at home parent
I'm a recently divorced, former stay at home parent. I was stay at home for about 10 years, prior to that i worked for one company for 10 years. I've been back to work in my field since August, and I just sold my 'rental property' down in Phoenix, paid off my car and my ex wife is refinancing our former home to get my name off the loan. I am now looking to buy a home for myself up near Seattle. I know that most mortgage providers require a work history of 6 months to 2 years, but I have heard that some will consider time as a stay at home parent as 'work'. Can you make a recommendation of a mortgage company or broker to work with to help me find this mythical financing, or can you tell me if that is not true?
Sorry for the wall of text, and thanks for taking the time to read this!
Although I am not aware of any lender who would consider 'stay-at-home' in lieu of work experience, that does not mean that there isn't a lender out there who would do that. This type of underwriting quirk is not advertised by the lenders, and that means that you'll have to knock on many doors to find out who is willing to do it.
As an alternative, find a good mortgage broker and let him conduct the search for such a lender. Such a broker would be local to the Seattle area, and you may find him/her through a realtor's referral.
Lastly, you can bypass the banks altogether by looking for homes with seller's financing. There aren't many such listings, but when you find one, the seller becomes the 'bank', and he'll do whatever it takes to sell the property.
All the best,
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