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Can I be approved on a house with only less than 6 months at current job?

by martinia435 from Savage, Minnesota. Jun 30th 2016 Reply


Tim Swierczek (TimSwierczek)
#27 ranked lender in Minnesota - 22 contributions

The exact answer depends on the nature of your employment and the loan type. Generally you can buy with less than 6 months on the job if you have stable full time employment. Please call me if you would like to talk through your specifics 651-772-9000.

Jun 30th 2016
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Larry Gray (lgray_312_247)
#563 ranked lender in California - 1,127 contributions

if you qualify in all other regards, yes you can be approved for a home purchase loan with less than 6 months on your current job.

Jun 30th 2016
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David Ortega (DavidOrtega)
#2 ranked lender in Minnesota - 226 contributions

Lenders look for a 2 year work history, not 2 years on the same job. If you have a 2 year work or school history, you should be OK. An explanation for gaps in employment is generally OK as well if it is substantiated.

Jun 30th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

More info needed, but in general, yes.. You need a 2 year work history to obtain financing, so being on a job for only 6 months, generally is not a problem. However, if you changed careers, or how you are paid (commissions, 1099, salary, hourly, etc..) then it's possible you will need to wait.. Also, if there was a large gap in employment, it might need to be explained.. More info needed.. specifically, are you the seller or the buyer? Understand that all appraisal can be disputed.. but if your are the seller, then you can try to dispute the appraisal, but in all likelihood, it's not worth your effort.. If you are the buyer, there's a formal procedure that must be adhered to, and a form that you fill out.. You need to contact the appraisal management company or your lender and tell them you wish to dispute the valuation.. you and/or your realtor must produce DIFFERENT (than what the appraiser used) comparable properties that you feel support your value.. Understanding the rules for appraisers is also helpful.. For example.. the appraiser must use the most "Like" properties... So if your home is 2500sf, 4 bed 3 bath, 2cg with a pool.. then he will first look for similar homes in the 2500sf range with similar features for comparison. He wont compare a 4000sf home against your 2500sf home. He will also look for properties that are closest to the subject property before going out to further distances.. they must first look for properties in your neighborhood.. and they are discouraged from using properties that are across major roads. Example.. your property in east of Main street.. but there are higher comps West of Main street that you feel should be used.. More than likely, he will not use the properties on the other side of Main.. They also will look for properties that have sold in the last 60 to 90 days.. if higher comps sold 6 months ago, then they will be ignored if similar properties sold more recently.. Keep in mind that you are telling an appraiser that he/she didn't do their job correctly.. And most will take offence when someone tries to depute their value.. so, expect some resistance. 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 WilliamAcres.com NMLS# 226347

Jun 30th 2016
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Scott Fix (ScottFix)
#1330 ranked lender in California - 184 contributions

If you have changed careers then it may be problematic, but if you had a job change within the same industry, you should be perfectly fine. Even though you changed companies does not mean that you will not have job longevity or security at your new position. So, if your employment history is stable and without any sizable gaps in employment, a simple verification of employment with your current company will satisfy most, if not all lenders.

Jun 30th 2016
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