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Real Estate Home Mortgages/Mortgage after being stay-at home parent

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Question
Hello,
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!

Answer
Hi Marc,

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,

Eric
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

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Eric Forster

Expertise

Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there. And by the way - you are invited to visit my website, www.real-estate-expert-witness.net.

Experience

More than 25 years in loan production and underwriting in Southern California.

Organizations
Mortgage Bankers of America (Southern California Chapter)

Publications
Former columnist for AOL Financial Center and the author of a mortgage primer.

Education/Credentials
MBA (Finance)

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