Financing in Los Angeles>Question Details

Mday83, Home Buyer in California

Where can I get a loan with good salary, but short employment history?

Asked by Mday83, California Fri Oct 5, 2012

Hi all, here is the situation we are in... I am self-employed and my wife just started working in July. Although our combined salaries should be enough for a debt to income ratio of 33% or so in the range we are looking to buy in, most lenders won't accept my wife's salary because of her short employment history. We will need to count her salary to qualify. Also, we currently own our home and have excellent credit. If you are or know of a lender that would consider lending to us, please let me know! Thanks!

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5
Shane Milne’s answer
A 2-year employment history is typically required, with a few exceptions:

1. Someone who went to a higher level education school (college, trade school, etc.), graduated with a diploma, certificate or degree and soon after gets hired to a career oriented job.
2. Recently discharged by the military.
3. Someone who recently rejoined the workforce after an extended absence to raise children, care for family members, etc. Evidence of two years employment prior to leaving the work force and evidence of six months employment in new position are required.

Was your wife employed ever in her life prior to July? What does your wife do for work?

Shane Milne | Lending in all 50 states | NMLS #81195
2 votes Thank Flag Link Fri Oct 5, 2012
Any lender is going to look at a number of qualifications to determine if you can get pre-approved, such as income, credit, down payment, assets (reserves), and employment history/stability. Given your question, they may ask did she take time off to raise some children? Is she continuing a field she started earlier in her career? Chances are most lenders will want her to be employed for at least 6 months (W2 earner) in order to use her income but again; it will depend on a number of factors. Feel free to call/email to discuss further. Thanks.

Vince Lombardi
Real Estate and Mortgage Services
(310) 489-5608
1 vote Thank Flag Link Fri Oct 5, 2012
Did you wife have a job before July? If not (and I don't mean she was on maternity leave or in school), then you need to wait until she is employed for at least one year.
1 vote Thank Flag Link Fri Oct 5, 2012
How big of a loan you looking for?
0 votes Thank Flag Link Fri Oct 5, 2012
What did your wife do before? if she was in school, that's OK. It will also depend on your amount of down payment.
Web Reference: http://usloans.com
0 votes Thank Flag Link Fri Oct 5, 2012
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