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Are there any alternatives to having a 2 year steady work history?

I have excellent credit and have saved some money.. but have spent some time overseas and not working there. Any ideas? by joshua212 from Oceanside, Oregon. Dec 28th 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Much more info is needed since there are exceptions to the 2 year work history.. This is straight out of FNMA's underwriting guide. "A minimum history of two years of employment income is recommended. However, income that has been received for a shorter period of time may be considered as acceptable income, as long as the borrower's employment profile demonstrates that there are positive factors to reasonably offset the shorter income history. Borrowers relying on overtime or bonus income for qualifying purposes must have a history of no less than 12 months to be considered stable." without knowing all the details of your scenario it's hard to advise you.. Assuming you don't meet any of the exceptions, then there's always Hard Money loans.. but these loans will require a much larger down payment and higher rates and fees, but it can help you get into a home sooner, and you can always refinance once you have 2 years work history in.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Dec 28th 2015
Derick Condron (rightstartoregon)
#31 ranked lender in Oregon - 598 contributions

There could be a chance. It would depend on a lot of factors in your history. We are an Oregon lender if you would like to put an application together and see what we can do.Thanks,

Dec 28th 2015
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