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Job History

I am wondering about minimum job history for mortgage in todays finance climate. Recently I finished grad school but have had three years without meaningful income. Good news is my salary has improved dramatically. My wife and I had originally planned on waiting around a year to sell our current home and start looking for the upgrade. However, it looks like interest rates are headed back up and we found a home for an excellent price. Is it realistic to obtain approval with only two months in current job? I don't want to apply and be turned down leaving the scars on my credit report. I have had no problems getting approved in the past (this will be my fourth mortgage) but my job history and the market was considerably different previously. My FICO is around 720, and would have around 5-7% down. Thanks for the advice. by beethoven427 from Houston, Texas. Mar 1st 2011 Reply


Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Most lenders require a 2yr. employment history. You can, however, use your education in conjunction with your new job to satisfy that requirement as long as your employment is in a similar field as your degree. Give me a call to discuss further if you wish.

Mar 1st 2011
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Rich Constantine (rconstantine)
#396 ranked lender in California - 79 contributions

You would need 2 years verifiable 1040's to show the income of what you claim. Since it has been 3 years since your last paycheck, I am not sure if a Letter of Explanation would suffice. Did you work in the same field before Grad school? Or did you change fields? Rates are great and are always moving up and down, especially with Crisis in the Middle East. Give it a shot and see what an underwriter would say. Hope this helps. RC

Mar 2nd 2011
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Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions

Hello.I do not think it will be much of an issue, unless your current income is 1099 related. IF you are planning on selling your home, you should be fine. If you are planning on renting it, those requirements are now much more stringent. You would have to qualify with both house payments unless you sell your current residence. Please feel free to call on me. I can lend in 47 states. Patrick McCarthy, Northpointe Bank Mortgage, 966-901-3576

Mar 1st 2011
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Alexander K (alex@ogimb.com)
#397 ranked lender in California - 56 contributions

Unfortunately, most lenders do require 2 years of taxes to verify consisten income. However, there's a private lender that I may be able to refer you to where they do just a current verification of employment? Feel free to call me if all your other options fail. Their rates are a bit higher. Alex at 213-739-4332

Mar 2nd 2011
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VIkki Nguyen (VikkiNguyen)
#406 ranked lender in California - 13 contributions

STABILITY OF INCOME. We do not impose a minimum length of time a borrower must have held a position of employment to be eligible. However, the lender must verify the borrower's employment for the most recent two full years. If a borrower indicates he or she was in school or in the military during any of this time, the borrower must provide evidence supporting this claim, such as college transcripts or discharge papers. The borrower also must explain any gaps in employment spanning one month or more. Allowances for seasonal employment, such as is typical in the building trades, etc., may be made if documented by the lender. 800-552-8670 ext 122

Mar 2nd 2011
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