Home Buying in 94587>Question Details

Lmiano, Home Buyer in 94587

I've been working for 8-9 months now. Is it true that I need to be working for 2 years before I can be approved for a mortgage loan?

Asked by Lmiano, 94587 Tue Apr 10, 2012

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Sheryl Arndt’s answer
Were you attending college in the field of work your currently doing or what were you doing before this job? Is there just a gap or is this your first job? If you have a minimum 580 fico score and a job history, you may qualify for CHF Access half percent down payment program. Let me know if you need assistance. I specialize in programs to assist first time home buyers. I specialize in Under 640 Fico Score Loans. Here are some brochures and a needs list to qualify.

CHF Access half percent down brochure, pdf
http://tinyurl.com/9fak6ho
Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2
Why Rent brochure
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
CHF Access income limits http://tinyurl.com/8lzf8he
http://www.Under640FicoScoreLoans.com
http://www.FrankandSheryl.com
http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Broker – Loan Officer
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Sat Oct 20, 2012
What were you doing before the 8-9 months? That is the key to answer the question.
0 votes Thank Flag Link Wed Apr 11, 2012
I worked for a year then I left because I had baby. Then I came back to work after a year. Same Business industry/line of work for the last 12 years - Logistics
Flag Wed Apr 11, 2012
This really helped a lot. Thanks so much for all the answers... :)
0 votes Thank Flag Link Wed Apr 11, 2012
While lenders do like to see a 2-year history of employment, it's not carved in stone. (Well, at least it's not carved in HARD stone) There are many factors, many facets that go into approving you for a loan, and if you meet or exceed those other aspects, it's possible that they'll accept your 8-9 month history.

Talk to a local lender, and they'll look at your details and can let you know if the short period of employment will be an impediment to obtaining a loan.
0 votes Thank Flag Link Wed Apr 11, 2012
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
If you have a Bacherlor or Master's degree you don't have to be employed for 2 years. Of course there are other factors to be considered to get a loan approved. The best thing is to work with a good loan officer who can discuss your finances and provide you the best financing terms and service.
0 votes Thank Flag Link Tue Apr 10, 2012
No, it is not true that you must have 2 years of work history in order to be approved for a mortgage. As with all major purchases, you should shop around. I have a relocation client that I am currently working with who has been preapproved with only 2 weeks with his new employer. Certainly other factors will apply,
0 votes Thank Flag Link Tue Apr 10, 2012
We lenders require a 24 month work history. There are exceptions to that rule for example, recent graduates from a University, College or Tech School. We actual count your education as part of that work history. There are a few hoops you have to climb through, but noting too difficult. I just closed a loan where a RN had only been working for 30 days after receiving her Nursing Degree. Please feel free to contact me if you have any questions.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Tue Apr 10, 2012
The simple answer is that if you are self-employed yes you need to wait until you can provide 2 full years of tax returns. If you are W2 wage earner you do not need to wait 2 years and most lenders will want at least 6 months under your belt at your new job.
0 votes Thank Flag Link Tue Apr 10, 2012
Hi Lmiano,

You should contact a Lender/Loan Originator and find out. He will tell you exactly what to do.

Regards,

Uzzil Batucan
0 votes Thank Flag Link Tue Apr 10, 2012
i did and I was actually approved but when I tried to shop for other loan provider, I was told that I need to have work for 2 years before I get approved.
Flag Tue Apr 10, 2012
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