Financing in Newburgh>Question Details

Knappnwwndsr…, Home Buyer in Newburgh, NY

how long do you have to work to get a loan.?

Asked by Knappnwwndsrnw, Newburgh, NY Fri Aug 26, 2011

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7
You need a 24 month history of employment. If your present job is in same field, your college/trade and/or speciality school education is counted towards this as well.
0 votes Thank Flag Link Tue Aug 30, 2011
If you have never worked before and have no college education background, then you will need two years of work history. If you start a new job, but have previous work experience in this new position or a college related education and you are off probation most lenders will give you a loan. Make sure when you start a new job, you have a clear understanding of when your probation expire and the terms of your probation. Your credit report and credit score may be a hiring or firing factor in you keeping continous employment with the new job. For a more secure credit report, you may want get more information on how to monitor and protect the credit report 24/7.
0 votes Thank Flag Link Mon Aug 29, 2011
You need to speak with a mortgage officer. Everyone is looked at separately therefore the answer changes.
0 votes Thank Flag Link Sun Aug 28, 2011
General rule is 2 years.But there are some exceptions also for this.Most professionals do not need to work that much.So it depends on your situation.Thank you.
0 votes Thank Flag Link Fri Aug 26, 2011
Every circumstance will have different requirements, but in general lenders like to see 2 years of CONSISTENT employment. And preferrably from the same employer unless you changed for an increase in salary. If you have any decreases in salary between jobs in the last few years, they might require more documentation, a larger downpayment etc.

You should really just cal up a reputable or recommended loan officer in your area and give him your general info to see what they say.

Good Luck
0 votes Thank Flag Link Fri Aug 26, 2011
lenders like to see a two-year history of steady work. But they look at the entire picture... if all else is brilliant, they may be willing to overlook a shorter work history.
0 votes Thank Flag Link Fri Aug 26, 2011
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
Hi There,

It really depends on your individual circumstances. Lender are getting more strict in the terms for approving loans. No two potential buyers are the same. I would recommend for you to discuss this with a mortgage person so that you have a general idea of where you fit in to the process.The loan qualification is based on things like income and other debt. If you have a high credit score and low debt and have not worked that long you are most likely a better candidate than somebody with a low credit score and working for five years. Please give me a call if you need assistance in locating a mortgage person that is willing to discuss all this with you. Its a great way to get started and gives you a real picture of when you most likely would be able to get a mortgage, and just how the process works.
Thanks for your interest!
Janis Borgueta
Key Properties of the Hudson Valley LLC
845-527-7115 or email me at janis@kphv.com
0 votes Thank Flag Link Fri Aug 26, 2011
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