Home Buying in 90069>Question Details

davidleeseid…, Home Buyer in West Hollywood, CA

How long must I be employed before I can get a decent home loan?

Asked by davidleeseidman, West Hollywood, CA Tue Nov 26, 2013

After nearly a year of unemployment, it looks like I'm going to get a new job. At the same time, I want to sell my condominium and buy a house.

I understand that loan officers would probably want me to show a record of long-time employment and steady income before they'd offer a home loan. How much time do I have to be in the new job before I can get a loan?

Thank you.

David Seidman

Help the community by answering this question:


Kawain Payne’s answer
Most lenders want to see two years of solid employment. If you have worked in the same field even if you have not been at your current job for two years, you should be in good shape.

Lenders all have different criteria. Like most industries they have to adjust with current economic factors. Being UNDEREMPLOYEED is something many American have faced in recent years.

Best of Luck to you!

Kawain Payne, Realtor
0 votes Thank Flag Link Sat Jul 5, 2014
Hi David,

Thanks for contacting us here on Trulia.

It really depends on how much down payment you have prepared, as well as a number of other factors (credit history, debt, etc).

I would suggest that you speak to a lender to see if you can get pre-approved for a loan. I would be happy to recommend a few lenders to you if you would like.

Please send me an email at JamieTian@RodeoRE.com or give me a call at (310) 717-1321 and I would be happy to send over a few lender's contact info to you. I would also be happy to help you analyze the current market value of your condo to see how much profit you can make from selling your condo to contribute to your down payment.


Jamie Tian
Rodeo Realty
(310) 717-1321
BRE #01920120
Web Reference: Http://www.JamieTian.com
2 votes Thank Flag Link Tue Nov 26, 2013
In my experience different lenders have different qualifications. Shop around. As long as you are in the same profession it doesn't matter if you have changed jobs.
0 votes Thank Flag Link Sun Mar 1, 2015

Ideally two years, but if you have a larger down payment I can refer you to someone that can help expedite that process.

Feel feel to contact me.


Julie Kryukova
0 votes Thank Flag Link Fri Sep 26, 2014

Most lenders require two years worth of tax returns, amongst other times. I have worked with some that can be a bit more creative depending on your specific situation. Please feel free to call or email me direct and we can chat from there. I may have some good ideas for you to buy sooner.


Julie Kryukova
0 votes Thank Flag Link Wed Aug 20, 2014
Dear David,
Usually they can put together your previous employment along with your new job to establish a basis for a loan. You just need a very good loan officer for that. Let me know if you need a referral.
0 votes Thank Flag Link Sun Jul 6, 2014
Dear Home Buyer,

We render rehab loan services to both individual and cooperate organizations at an affordable interest rate. Kindly provide more information on the funding you need for further review.

Warm regards

Christina Woods
Financial Secretary,
Email: ms.cwoods61@gmail.com
0 votes Thank Flag Link Thu Feb 6, 2014
It depends on the type of loan that you apply for, and the lender that you apply with.
MARSHALL 310-702-6145
0 votes Thank Flag Link Mon Feb 3, 2014
You typically have to be employed around 2 years. There are some exceptions to this depending on your finances, the loan you choose, and the lender. Either, I suggest you speak with a lender to discuss your option. Lenders like myself would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 3, 2014
You are able to get a loan immediately if you went through a hard money lender (although a bit pricier), worked a bit and refinanced later. Other than that its all about making sure your debt/income ratio is solid and you are not in a bad credit position. Your income should be more than 47% of your mortgage expense and thats the limit I believe, even though it is not healthy from my financial perspective. Hope that helps.
0 votes Thank Flag Link Wed Dec 4, 2013
Flag Wed Dec 4, 2013
Hello David,

Now is great time to want to get financed. I can have my in house lender contact you or if you would like to contact them directly. They can get you going right away. I will be more than happy to help you in the selling of your condo and purchase of a new home.

Please contact me directly by email or phone at sellwithdonna@kw.com or 424-777-3930.

Thank you and I look forward to speaking with you soon.

Donna Samuels
Keller Williams Realty - Brentwood LA
0 votes Thank Flag Link Sun Dec 1, 2013
HI David,
The loan officer will look at your overall income and savings when evaluating you for a loan.IF you need a referral just send an email my way.
0 votes Thank Flag Link Thu Nov 28, 2013
0 votes Thank Flag Link Thu Nov 28, 2013
If you are a paystub earner all that you need is two paystubs.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Tue Nov 26, 2013
Most lenders want at least a two year employment history. But if changing jobs in the same industry some times one year is good enough. There are several programs out there to check with a local real estate broker not banker. They seems to have more options.
0 votes Thank Flag Link Tue Nov 26, 2013
Our Guideline;

Extended Gaps in Employment (defined as > 6 months) – If the borrower’s income is stable and likely to continue, an extended gap of employment is acceptable with a minimum of 6 months on the current job and verification of a 2 year work history prior to the gap in employment.

Thierry Abel
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
0 votes Thank Flag Link Tue Nov 26, 2013
So far I see answers on here saying you need to wait 2yrs or 6mos. My lender says, if you are now reentering the workforce & you're in the "same line of work" that you were in before, you could get a loan after just 1 paycheck., so 2wks typically.

I have another client that is in your same situation & he thought he would have to wait 2yrs,,,he also thought that he WASN'T in the "same line of work" because he used to work for ADT as a salesperson & now he works for a Window installer co, doing the same thing, sales. I told him, Yes you Are in the "same line of work" because you're In Sales, it doesn't matter if 1 place sold alarm systems & the other one sells windows. Same thing with his wife who also had been out of work,,,doesn't matter if she's an office manager at a bakery & then a metal factory, she's still in the 'same line of work' as an office manager. See?

Please contact my lender, you can call or text him, even after 5p at 714-401-7282 or email him at RGale@JMJFinancial.com Ryan Gale with JMJ Financial. His company is a Direct Lender, that means they're more flexible. They can also shop for the best rate from any other lender/banker on the planet. They also have Portfolio lenders which means they work with clients on a Case By Case Basis.

If you'd like to discuss this further, shoot me an email directly or give me a call. I don't look back on this same Trulia posting for Answers or Replies posted after mine. This is not because I'm a "meanie" it's just that every time another Realtor answers your question, I get an email.

Emily S. Knell
562-430-3053 c
Realtor Since--- 1996
Realty ONE Group
BRE# 01211967
0 votes Thank Flag Link Tue Nov 26, 2013

With us you need to have been back at work for a minimum of 6 months.
(so if you are going to get a job now, you want to apply and get pre-approved in late spring)

Feel free to call me for more details.

Thierry Abel
Senior Loan Consultant
By Referral Only
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
0 votes Thank Flag Link Tue Nov 26, 2013
2 years

J.R. Thrasher
0 votes Thank Flag Link Tue Nov 26, 2013

Depending upon the type of loan you seek, a lender will typically work to establish a 2-year history of employment with any gaps documented. Once back on the job, you might expect (again, per program) to need 6 months to a year of verified income before you'd be in a position to qualify.

There are variables and exceptions and your specific scenario should be discussed with a loan professional when you're ready. If I can be of service, let me know.

Rob Spinosa
0 votes Thank Flag Link Tue Nov 26, 2013
Hello David,

May I suggest go visit your local banker and find reputable lenders that will give you the straight answers so you can position yourself to achieve your objectives. Persistence beats resistance! In addition, you have a condominium and that asset will be a great tool for lenders to know.

I say talk to a lender as soon as possible and see if you can get a loan now! If not, then you will have the information to position yourself to get you loan in the near future! Good luck!


0 votes Thank Flag Link Tue Nov 26, 2013
Great answer!
Flag Tue Nov 26, 2013
There's more factors involved.
You need to speak with an experienced lender.
I work with a great one
Please feel free to call or email me.
(310) 600-4240
Susan Bo'ur
Realtor/Coldwell Banker
0 votes Thank Flag Link Tue Nov 26, 2013
David, I would suggest you to wait until your condominium is sold so you have a decent down payment. It will help you not only to get pre-approved but also to get a better rates. If you have a good down payment, you can choose a mortgage program that doesn't require PMI. However, you should be prepared before selling your condo, because you don't want to spend all the money from your condo on rent. Find a good mortgage broker and see what he has to say about your particular situation. Different lenders value different requirements. The length of you employment depends on a lot of factors, for example: do you earn salary or commissions, how long is your experience in the field you are working right now, did you work in a different fields you entire life and the one you are working right now is completely new to you?
And these are not the only requirements that lender will look at. You have to pay your existing mortgage and other bills on time. Have a decent credit score.
Good luck!
Flag Wed Nov 27, 2013
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