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What does my employment history need to be to apply for a mortgage?

I just got married, and me and my wife are looking to stop renting and buy our first home. I've been working for a little over 9 months at my current job, but I have been gainfully employed for the last 2 years. Does the loan amount matter? Property value? Down-payment , etc? In other words, if I can't apply for a loan with my employment history, what factors can I adjust, such as down payment or loan length, in order to qualify? Thanks. by trippi_208_109 from Nashville, Tennessee. Oct 12th 2011 Reply


Ron Wohlfarth (RonWohlfarth)
#34 ranked lender in New Jersey - 65 contributions

Good Morning Nashville...Your length of employment should be fine...The bigger concern is your credit score...Let us know if we can help you with this process,,,Thanks RonMoney@RonWohlfarth.com.www.RonWohlfarth.com

Oct 12th 2011
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DOUG CAPPS (DOUG CAPPS)
#1 ranked lender in Mississippi - 203 contributions

You're probably going to get A LOT of responses to your questions. On your existing job time, you should be fine. To address your other questions: Yes, the loan amount matters. Lenders need to insure that you have the ability to repay the mortgage based upon your current level of income and debt. Property value - yes, because you can only "finance" up-to the value of the property. If you are purchasing in a USDA eligible area, then you will be limited to 100%, FHA - 96.5%, Conventional 95%-97% etc.. The minimum down payment required will vary based upon the loan type: USDA, FHA, or Conventional. As mentioned above, if you can qualify for USDA - it's 100%, no down payment. Do you know what your credit score is??? That is a big determining factor as to "can you qualify." Let me know if you have more questions. You can email me at dougc@fairwaymc.com or call me at 800-878-7985 Ext. 105. Thanks! Doug Capps, Fairway Mortgage

Oct 12th 2011
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Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 222 contributions

The answers here are pretty much the same. Big determining factor is your credit score.I am located here in Murfreesboro, TN.Give my office a call & we can go over your options.ThanksNancy RelefordHome Equity Mortgage, LLC2670 Memorial Blvd Ste CMurfreesboro, TN. 37129www.homeequitymtg.comwww.nancyrelefordblog.com615-867-3060

Oct 12th 2011
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Patrick McCarthy (PatrickM)
#24 ranked lender in Ohio - 196 contributions

Hi Nashville.2 years employment history is not mandatory, but sure does help. It is desired to have 2 years in the same line of work, however, I am closing a purchase right now where the homebuyer has only been working for 1 1/2 years period and we are fine with that. To answer your other questions would require a more in depth knowledge of your credit, assets, loan size and a few other factors. Feel free to contact me for more information. We work closely with Nashville Title Agency and close quite a few loans in the Nashville area.Hope this helps. Patrick McCarthy, Stonegate Mortgage 866-925-5771 Ext 520

Oct 12th 2011
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Ulysses Fletcher (ufletcher8141)
#29 ranked lender in Georgia - 245 contributions

The reason they look at employment is to make sure you have stable income. Down payment is based what you are pre-approve for.So you first need to get pre-approve first before you look for the house. So you then know what type of down payment you need.

Oct 12th 2011
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