Financing question - If you get laid off or have a gap in employment, does your 2 year proof of income “clock” (for lack of a better term), restart? Basically asking if you need to have 2 yrs of consecutive W2 income to great loan terms? For context, I was approved for great terms earlier this year but didn’t go thru with a purchase

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Usually a lender wouldn’t know if you were laid off or took a break from work. Companies just verify employment dates. I’ve had a break in service and I was just asked to write a letter explaining the break and confirming that I was still doing CPA type work. My lender told me as long as my job was substantially similar (I didn’t change careers) that the break (only a few months) wouldn’t negatively impact me.

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@D1 Thanks! Really helpful!

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