There is no hard and fast rule for length of employment. However let me give you some guidelines. If you are self employed you would need 2 full years of tax returns in order for the lender to consider your income.
If you are coming from college and entering the same profession ( nursing school to nurse) a month of p[paystubs will suffice If you are woirking an hourly position and did not work or go to school prior to this job, six months of employment may be required. Usually a professional position will require a month of paystubs and an hourly position will require 3 to 6 depedning on the lender and the previous job or education history.
If you would like to discuss your particular situation further please give me a call.
Cornerstone Lending Inc
720 Second St Pike Suite 104
Southampton Pa 18966
Office 215 953 0800
Fax 215 953 1706
Cell 267 992 7276
Voted Best of Bucks 2010
I am local Realtor with Advance Realty in Philadelphia. I would be be a pleasure to work with you to find your first home. Please contact me at your convenience.
267 738 0886
Congratulations on wanting to take a step towards home ownership. I hope this info helps you.
When a lender looks at an application there are some main factors they are going to consider.
Most lenders require 2 years of continuous employment in the same field to qualify you.
Most lenders require a minimum credit score of 640 (FHA) , 620 (VA) , 680 (Conventional)
Most lenders will want to see a down payment of 3.5% (FHA) , O% (VA) , 5% to 10% (Conventional)
Please keep in mind ALL lenders have different requirements for their loan approvals. The best thing to do is get with a lender and submit an application. It does not cost you anything and you will know exactly where you stand in the process. A general rule of thumb is that "banks" are more stringent than "mortgage companies."
Example - Wells Fargo is a Bank / Cendera Funding is a mortgage company
As I stated, they will look at all of these areas. These areas are called compensating factors.
So if you are strong in one area but not in another they will weigh it out:
You may only be on your job for 1 year, but your credit score is 795 and you have a 25% down payment. In this case you will probably get approved. (my opinion only, no guarantee implied)
You have been on your job for 6 months but you make 100K per year and are trying to buy much LESS house than you can afford. You have a 10% down payment but your credit score is 520. You might have trouble.
I hope this helps.
Best of luck!
Remax / Lakeland
Good luck in your pursuits,
Realtor, GRI, CSSN
John Hall & Associates
In most circumstances you need 2 years of steady employment in the same field but there are many critera's so best to go talk to a lender... most will not charge you to let you know where you stand and what you need.
HomeSmart Real Estate