Forgotten Your Password?

Need to Register?

Question Icon

how long do i have to be employed to get a mortgage?

My husband and I are wanting to buy our first home. He makes the money and has a good job but I have the better credit. I havestayed home with our child for the past 3 years and now have recently started working again. Would it matter how long I have beenemployed since we are using my husband as the co-buyer for his income? by emilie_959_369 from Pell City, Alabama. Jun 21st 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,848 contributions

There are a lot of factors missing to determine your eligibility, but in certain situations, you income can be considered.. Under current guidelines, any employment gap over 90 days has to be explained... If your job requires a degree such as an attorney or Dr. then they probably consider it.. If it's a general labor type job, they might have a problem.. But again, the lender would need to see your complete profile to make any determinations.. so the best advice I can give you is to contact a LOCAL (to your property) mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 21st 2012
1
0
Sam Lochamy (samlochamy)
#14 ranked lender in Alabama - 2 contributions

It would depend on a number of issues. My company is very flexible on this matter. Please call me and at no cost to you we can explore the opportunity.Sam Lochamy 205 585 0173NMLS# 266697

Jun 21st 2012
0
0
Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 897 contributions

If you are both on the loan, both of the credit will be used, as well as the income .. They take the lowest middle score, and they would want you to be employed in a industry that is stable, with a minimum of at least 6 months.. Are you returning to the same type of employment that you do before?What is on your husbands credit that is having situations?? email at yourloanpartnerforlife@live.com linda 602-330-1598 I have been a underwriter , so i am very good at looking at your credit and for the reasons of his score.

Jun 21st 2012
0
0
Team Best Mortgage Option (TeamBestMortgageOptionAtAmbassadorFundingLLC)
#30 ranked lender in New York - 1,960 contributions

If you are both on the loan both of your credit will be used and they will go by the lower of the two middle scores. Most lenders require you have a 2 year work history, although there are some that only require 1 year. You should speak with a mortgage broker to get all your questions answered and to go over how the process works. All the best!

Jun 21st 2012
0
0
()
#0 ranked lender in

You're going to be better off trying to fix your husbands credit. The lenders are going to want to see 2 years of work history in order to count your income.

Jun 21st 2012
0
0
Saul Ginsburg (saul.ginsburg)
#15 ranked lender in Alabama - 1 contribution

2 years to use your income for the loan unless you work in the same business that you were employed in before you became a stay at home mom. The credit score used will be the lowest mid-score between the two of you.

Jun 21st 2012
0
0
MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions

hi: I would suggest an FHA loan since some of my investors have flexible overlays and take in consideration the entire scenario. I have couple questions if you have time to contact me when possible to give u a better analysis/scope of your request. Debt to income ratios on FHA can go up to over 50% and guidelines tend to be more flexible...Mike (703 505 5300) NMLS 754875

Jun 21st 2012
0
0
Peter Botros (PeterBotros)
#75 ranked lender in New York - 895 contributions

I will give you the blunt answer. Some programs ask for 2 years history. And it has to be in the same industry. Like you can't go from a sales person to a doctor in 2 years time and expect for that to work. It strictly has to be 2 years in the same or arguably similar job types. There are programs in your area that will allow 1 year work history especially since they are using information from your Taxes. Every company is different though. Also it doesn't matter whether you have better credit, a mortgage company will take the lowest middle score of the 2 of you.Good Luck

Jun 21st 2012
0
0
Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 1,545 contributions

I don't typically run into the 2 year issue depending on the other details (how long you have actually been working, is it a permanent, full time job, etc.) and how strong the overall application is. As long as his credit is decent (over 640) and your total debt will be in normal boundaries it shouldn't be an issue. Contact me (pdumouchel@primelending.com or 843-343-6383) or I can refer you to a PrimeLending mortgage officer in AL.

Jun 22nd 2012
0
0
Subscribe to our news feed.