What if you have a 620 credit but not 2 years work history? I would also put down more than 3.5%

Asked by Riley'smama09, Denton County, TX Sat Jun 18, 2011

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, ,
Thu Nov 17, 2011
I probably can do that loan for you. Click on my picture if you would like to discuss it.
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, ,
Tue Oct 25, 2011
Good morning Rileysmama09,

To qualify for mortgage financing, regardless of the size of your down payment, you must have a consistent 2 year employment history on full-time employment (3 years for part-time employment).

If you were a college student and graduated with a degree then immediately began working in the field of your studies (think "Hospitality Management" and then working in the hotel industry or "Accounting" then working as an accountant), then we would count the education period towards the 2 year employment history.

Trevor Curran
NMLS #40140
Web Reference:  http://tcurranmortgage.com
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Mfanisi Norm…, Agent, Long Beach, CA
Tue Oct 11, 2011

Loan requirements change frequently. The best answer I can give you is a referral.

Maria Looney, Broker/Owner
Elite One Mortgage
(714) 820-4031

Maria has been a mortgage broker for over 25 years. She is excellent and I use her exclusively. Send Maria an email and she will be able to answer all of your mortgage related questions.
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, ,
Sat Jun 18, 2011
Mortgage applications require a 2-year history of employment, income, and living history.

When you do not have a 2-year employment history it can still qualify as long as the employment and income is likely to continue. One way to prove that is if you have recently graduated school (like college, or a professional trade school) and have begun work in a field associated with what you studied for, then that can substitute for the 2-year employment requirement. Another is if you have returned from an extended absence from the work force, and there was a 2-year history of employment prior to the absence. Still even if those two situations do not describe your employment it may be possible to qualify in other ways, depending on the overall employment situation (for example if your income is salaried then that is much stronger than being on commissions).

A 620 credit score can qualify these days with more and more lenders (credit is easing up), however what delinquencies & late payments are on your credit report that brings the scores down to a 620 level is equally as important as the scores themselves. With a 620 score a lot of underwriters will apply extra scrutiny to your mortgage application, for easier time qualifying, and many more lenders to choose from, I recommend you aim for 640-660 scores. If you have at least 3 or so months until you'd be buying then it's possible to get your scores What is on your credit that is bringing your scores down?
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