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how long do I have to be employed at my job

by teresaabels413 from , California. Feb 28th 2018 Reply


Madeline Lam (Madeline Lam)
#138 ranked lender in California - 2 contributions

Hello,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.

Feb 28th 2018
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Hans Bruhner (Hans Bruhner)
#112 ranked lender in California - 104 contributions

It is best to have at least 2 years of steady employment. If you were at a similar job then being on a new job is no problem at all. If you have not been employed in a while because you were on a sabbatical or raising children then we would like to see that you are on the job for a few months. My company calls this a return to the workforce and will allow less than 2 years. Call me to discuss if you like, I am in California.

Feb 28th 2018
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Douglas Bullwinkel (doug@LenderSolutions.com)
#174 ranked lender in California - 9 contributions

The previous two answers were both correct. Lenders want to see a history of the past two years, preferably in the same line of work if not the same job. You can just be starting a new job and the salary will be counted for qualifying as long as you have a history of working. Maternity leave cannot be used against you if there is a break in employment for that reason. The bottom line is that the lender will look at the past two years to try to determine what income is most likely for the next two to three years. We want to make the loan but we want to be reasonably sure that you will be able to make the payments in the future.

Mar 1st 2018
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