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Mortgage eligibility after job change

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i was recently downsized from a job that I had been at for 7 years.  Wife has no gaps in employment.    I'm starting a new job after being out of work for 3 months we now want to buy a house.  We have 20% plus to put down on a house once we find something.   

How long will I need to be employed at my new job to get a mortgage lenders best rate?

Both of our credit scores are excellent.  

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You should have no troubles.

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You may need to write a letter to the underwriter explaining the gap of employment/reason for leaving. Your mortgage officer will let you know if this is the case.

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Thanks.

i can easily justify the gap with my separation agreement paperwork.  

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DW & I were in a similar situation. They just asked for a written explanation of the employment gap. Time at new job was less than a year. No problem with approval. YMMV.

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Do you need both incomes to qualify? If you only need your spouse's income, just apply with that.

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stanolshefski said:   Do you need both incomes to qualify? If you only need your spouse's income, just apply with that.
  Yes.  We will most likely need both incomes but I'll look into that option also.

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It won't be an issue. Plenty of people buy a house and then start work due to job transfer, etc.

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elektronic said:   It won't be an issue. Plenty of people buy a house and then start work due to job transfer, etc.
  Good to know.  I had heard differing opinions of people saying you need to show 3 months employment to 3 years at your new employer.

Thanks

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I bought a house 3 months after moving jobs about 8 years ago - they asked for 2 months of pay stubs from current job and W2 for prior year from prior job to establish ability to pay. No problems at all.

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