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Newbie - Good cash downpayment, but no recent employment

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Hi all,

Due to a work layoff Sept 2018 and having just sold my house, I have a decent cash amount for downpayment for my next house BUT no recent work history. Looking for feedback from folks who've been in a similar situation, particularly on how much work history would be needed to be built up in order to qualify for a new mortgage.


Current scores around 640 but have enough cash to pay down balances significantly and get scores up quickly. No lates on anything, never missed a house payment in 5+ years (rented prior to that).

Looking at putting down ~$80k cash and looking at houses listed at ~$130k (NC or Nth GA mountains). Looking to change careers, and want to know how long I'd need to be employed in a new position/new line of work before lenders/underwriters would be OK extending a new mortgage to me. Any broker/lender leads that might help shed more light on this for me appreciated. Thanks!

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