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Can I get a mortgage with less than 2 years of working?

I'm Ryan. In May 2016, I started part-time position at a small financial firm. In May 2017,I moved to a bigger mortgage servicing company which pays me more and offers a better opportunity to grow (I consider it a career upward movement). By the beginning of 2018, I'll have approximately a year and a half of working experience. As a recent college grad (May 2017), I haven't had any experience in finance before May 2016. In 2018, I also plan to be an Uber driver in the weekend to make my profile more desirable for mortgage lenders. My credit score is 769 as of November 30th, 2017. In that case, do I qualify for a mortgage given the fact that I have enough for a 20% down payment? by Ryan.P.Nguyen502 from Missouri City, Texas. Dec 3rd 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Hey Ryan.. Obviously, much more info needed, but in general.. If your college education was in finance, and you are now working in finance, then we are allowed to use your time in college as a continuation of the same "field" or "Line of work".. So if you have a 4 year finance degree, and 1&1/2 years employment in financing.. then you have 5 & 1/2 years history.. and this is totally except-able.. As far as down payment goes,, Conventional only requires 3% for a first time home buyer.. FHA requires 3.5% down.. But Conventional will have a lower monthly mortgage insurance cost, so your better off using conventional.. 20% is only required if you want to avoid paying monthly mortgage insurance. As far as UBER goes.. any "Self Employed" income must have a 2 year history in order for that income to be considered.. The same rules apply when talking about commissions, bonuses, or tips.. unless you have a 2 year history for that income, it cannot be considered.. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Dec 5th 2017
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