Home Buying in 20707>Question Details

Michelle, Home Buyer in 20707

Employment checking when applying for a conventional loan

Asked by Michelle, 20707 Fri Jul 30, 2010

I heard the lender would check the borrower's employment history for 2 years back. But I've only been employed for 1 year. Does that mean I would be disqualified for a loan or I would get a higher interest rate?

Help the community by answering this question:


Hi Michelle,

Any lender is going to want to see a solid history of employment as that is going to the source of the money you are paying them. If there is a reason you have only been employed a year such as just out of college, coming back into the work marketpace etc. that can usually be worked out. Best of luck to you and find yourself a good reputable mortgage lender to guide you through. I have recommendations if you need one.
1 vote Thank Flag Link Fri Jul 30, 2010
Michelle, it depends on your job title. There are lender that will allow you to purchase with 0 days on the job if you're a Doctor coming out of your residency for example.

I would reach out to
Catherine Purcell
Contact: Catherine Purcell
0 votes Thank Flag Link Tue Feb 26, 2013

I guess great minds think alike. Thanks Laura for confirming my answer.
0 votes Thank Flag Link Fri Jul 30, 2010

This problem would never affect your interest rate. It would determine if you can get the loan at all. If you are in the same line of work and just changing companies that is fine. If you are coming out of college that is reasonable. A stay at home Mom coming back into the work force or even unemployed are all understandable. As long as you are a W-2 employee. If you are self employed or W-2 but a commissioned person that is going to be trouble. Ask your loan officer what they have and make sure you let them know the answers to the questions you just asked. Hope this helps. If your credit income and assets are strong this does help your case also.
0 votes Thank Flag Link Fri Jul 30, 2010
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