Home Buying in 28227>Question Details

herdoviness, Home Buyer in Charlotte, NC

How long would I need to be at my new job before I can qualify for a mortgage?

Asked by herdoviness, Charlotte, NC Fri Apr 26, 2013

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Daniel Fisher’s answer
Good afternoon, Herdoviness:
Below is a link to a Trulia Real Estate Blog that summarizes the basic criteria for getting a loan. If you meet this criteria, you can often get a loan. Some clients relocating to the area have gotten a loan with an employment letter and verification from their employers HR department that they have actually started the job. Some recent college graduates have gotten loans fairly quickly. Clients also got a loan when they were continually employed in the same general field of work for at least two years whose new job was the same type of work. It all depends on the lender. Which one I would recommend depends on your specific situation, how much down payment you have, whether you are a 1st time home buyer, your total income, etc. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Mon Apr 29, 2013
Typically you need 2 years of continuous employment in the same industry.
0 votes Thank Flag Link Sat Apr 27, 2013
.......plus 30 days proof of employment (pay stubs) on new job and a solid Verification of Employment from current employer (solid meaning the probability of continued employment is good AND no mention of being within a probationary period on this new job)........(thanks to John for allowing me to add a little more to his already good guideline)
Flag Sat Apr 27, 2013

If you transferred jobs they generally want to see you at least 30 days at the new job and want to see a record of two years of continuos employment in the same field.

if this is a new career then you may be able to get away with six months on the job or less if you just graduated college or received a degree that led you to that psoition.

The best thing to do is contact a mortgage brojer who can qualify you on the information you can provide them... There are variables based on your question that we do not know that have a factor in your qualification.

Or you can contact me and I will be able to ask you some questions and get an answer that will help me identify whether you can qualify or not and direct youtoward a lender that can help you.

Dave diCecco
Coldwell Banker United
0 votes Thank Flag Link Sat Apr 27, 2013
Do you what I would need qualify for the BB&T CHIP program?
Flag Sun Apr 28, 2013
Click on the "Mortgage" Tab above, type in your zip code, contact a couple lenders that show up on the first page and go over the details of your question with those Lenders in your area.

Items they will need to know/need a copy of:
1. 2 years tax returns
2. They will need your SS# to pull credit
3. etc

A true answer based on you as a borrower will be more beneficial than a generic answer.

Hope this helps.
0 votes Thank Flag Link Sat Apr 27, 2013
Typically two years, however this doesn't have to necessarily be at the same job. (though it helps)
0 votes Thank Flag Link Sat Apr 27, 2013
often it depends on several factors; the current job, past employment hx, down payment, assets, reserves, loan program, loan amount, credit score, credit hx, to name a few.

Therefore, its best to ask a lender......
dont be afraid to ask a lot them either.
0 votes Thank Flag Link Fri Apr 26, 2013
USDA. Call me 336-391-8523
Flag Sat Apr 27, 2013
What programs are still offering 100% financing with little to no closing costs? I ask because I see you are a broker/lender....
Flag Fri Apr 26, 2013
In my experience a lender will want you to be in a job a month. Are you relocating from another city?
Thank you,
Lynda Ramirez
Keller Williams Realty
0 votes Thank Flag Link Fri Apr 26, 2013
No, I went from self employed to w-2 so I could buy a house for myself and my family
Flag Fri Apr 26, 2013
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