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How much employment history do you need for a first time home buyer?

I have great credit history of 740. The only issue is I heard that I need 2 years of employment history. I just got my first significant income out of college 3 months ago. I make a good income, is the time going to give me problems? by samant_860_987 from Chicago, Illinois. Jun 1st 2012 Reply


Crestico Funding (CresticoFunding)
#317 ranked lender in California - 340 contributions

If you are a new graduate and have the supporting documents such as your degree or certificate, you wont need the 2 years employment history as long as your employment is solid.

Jun 1st 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

It's probably not going to be an issue... especially if you're working in your field of study within college... The best advice I can give you is to contact a LOCAL 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 3rd 2012
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Terry Taitel (terry@resourceplus.com)
#34 ranked lender in Illinois - 7 contributions

No Problem!! as long as you can document the last 2 years in school and a deploma is even betterTerry taitel Resource Plus Mortgage 847-359-5300

Jun 1st 2012
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KRIS KRAJECKI (IMCALLINGKRIS)
#15 ranked lender in Illinois - 19 contributions

Hi, No problem at all. Simply show that you were in school for the last 2 years and provide your last 2 paycheck stubs from your current job and you will be just fine. Feel free to give me a call this weekend and I will work on getting you your pre-approval letter for your new home purchase. I have 30 year fixed rates as low as 3.50% (3.69 APR) today! :-)Kris KrajeckiGreat Mortgage1N279 LaFox RdSt. Charles, IL 60147630-347-6321NMLS#225689

Jun 1st 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

NO problem, and it is even easier if you went to school for the employment type that you are in!!!! Certain loans will require about 4 trade lines, but there is always a work around that.. I am partial to Chicago, my dad was born there, and my german grandfather had a beer factory there... linda yourloanpartnerforlife@live.com

Jun 2nd 2012
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Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 228 contributions

I concur with the others. Document you were in school for the last 2+ years with your college transcripts. It's always preferable if your degree matches your new job; that will count as extra years in the same line of work. With good income, credit and some assets, you shouldn't have any other difficulties getting a loan together. The smartest thing you can do is find the right local professionals to walk you through this the first time; you probably want a loan officer & realtor who give you more detailed answers to your questions than you want and are willing to teach you a few things. When it's your first time through, you'll ask better questions if you get better answers. Congrats and Good Luck!

Jun 2nd 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,268 contributions

Probably not, but you will want to work with a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. They'll have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, they'll know that your situation is usually acceptable. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Jun 3rd 2012
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