Financing in 60139>Question Details

cassie.velaz…, Home Buyer in Cape Coral, FL

I just started working at a new after being let go in nov 2012. Can i buy a home without being here for 2 years?

Asked by cassie.velazquez, Cape Coral, FL Wed Jul 17, 2013

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I agree with Patrick it really depends on what your job looks like.
Hourly/college degree in the field/bonuses/commission Etc.
The best idea is to contact a local lender who can take a look at all your information to see if you qualify. It really should not take them very long to give you direction and an answer.
Good luck in your desire to buy a home.

Steve Smither
Senior Loan Originator/Sales Manager
NMLS # 224681
One Mortgage, Inc.
119 E Palatine Rd. Suite #200
Palatine, IL. 60067
Mobile: 847-942-5151
0 votes Thank Flag Link Wed Jul 17, 2013
The short answer: if your job is in the same line of work as your previous job, yes.
If this a position that is consistent with what you were doing previous, yes.
What we cannot use for qualifying purposes on the new position is the overtime, bonuses and commissions as there has not been enough time to establish this new 'trend'.

Your lender will require a letter of explanation as to why there is a 8 month gap in employment.
Whatever you state in this letter know that you will be asked to back it up. If you say the employer gave you a severance 'package', then show them the documentation to back that up.

In this economy, it is common that you would have lost your job and had to take time to find a new one.

As long as you have been meeting your financial obligations, you should be fine! :)
0 votes Thank Flag Link Wed Jul 17, 2013
Without much information, for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Wed Jul 17, 2013
It depends on what kind of work you do, or how you get paid. If you are a salaried employee, it shouldn't be a problem to buy now as long as you have an employment contract. If your income is largely commission based, it might take a while to qualify. Please feel free to call and discuss 630.973.8601
0 votes Thank Flag Link Wed Jul 17, 2013
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