Sara, Home Buyer in Cedar Rapids, IA

How long do you have to be at your current job before you can get approved for a mortgage?

Asked by Sara, Cedar Rapids, IA Wed Jan 26, 2011

My husband is about to start a new job making substantially more, and we would like to buy a house. Although he's been consistently employed, he has changed jobs a lot trying to find the one that was right for him. He knows he's finally found a job he wants to keep, but I know that his work history could be a problem. How will this affect the mortgage application/approval process?

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8
Jessica Hood…, Agent, Gambrills, MD
Wed Jan 26, 2011
Hi Sara,

Lots of people make lateral or upwards moves in their career. If your husband has stayed in the same line of work (say engineering or restaurant management) for his progresion then the answer is you probably qualify now. If he has changed in a substantial way the type of employment from plumber to CPA then he'll need some time to establish himself in that new field. It is always best to check with a good local lender. Stay away from on-line lenders..you are just a computer hook up to them! Trust someone you can actually look in the eye and can call without dialing long distance! Best of luck and congrats to hubby.
1 vote
Dave Griswol…, Agent, Bridgewater, NJ
Wed Jan 26, 2011
Hi Sara, If your credit scores are up, if you have money in the bank, if your husband continued in the same line of work in the last 2 yrs. and didn't go more than a few weeks in between jobs you should be ok. Check with a mortgage representive in your area to be sure.


All the Best
Dave & Lisa
Web Reference:  http://www.urhomerealty.net
1 vote
Bob Bembenek, Agent, Marion, IA
Thu Apr 21, 2011
This is a good problem to have. Seriously, just as long as your husband's work is in a simiiar or related field.
Of course the most important criteria that most mortgage lenders use these days is a persons credit score. Scores under 620, unlike a couple of years ago, are considered poor. A credit score of 640+ gets you in the door. Of course there are always expections. First time homebuyer? Choose and Accreditited Buyer Agent (ABR) to help you navigate.
Web Reference:  http://www.bobert.com
0 votes
Cheryl Bouch…, Agent, Fredericksburg, VA
Wed Mar 2, 2011
Hi Sara ... your husband's line of work is what's important. Generally, lenders require employees to be in the same line of work, even though the length of time on a job may not be ideal. If your husband has remained in the same profession or line of work throughout the job history, then the lender will take this into consideration. However, if he has not consistently remained in the same line of work, then the lender may require him to be on his job at least 6 months. I would try a portfolio lender rather than a broker or a lender who immediately sells its loans following settlement. Portfolio lenders (ones who keep their loans in-house) can bend the rules a bit.

Hope this helps ...

Cheryl Lee Bouchez
Keller Williams Superior Realty
Fredericksburg, VA
540-840-6942
0 votes
Amanda Brant, Agent, Cedar Rapids, IA
Thu Feb 24, 2011
Sara,

If you are finding this to be an issue, I would recommend several of the local banks here in Cedar Rapids where they have great in-house products and are not as picky. I personally have used Hill's Bank, and so have many of my clients. If you have any additional questions, please let me know and I would be glad to help!

Amanda Brant
Prudential First Realty
Licensed in the State of IA
319-241-3999
AmandaLBrant@gmail.com
Web Reference:  http://www.AmandaBrant.com
0 votes
Andrew Luett, Mortgage Broker Or Lender, Chicago, IL
Sat Jan 29, 2011
Hi Sara,

Go Hawks! Sorry, grew up in Iowa City and had to say that being that you're in Cedar Rapids.

As long as your husband is taking on a W2ed job with a base salary, underwriting from an income standpoint, will not be a problem. Your husband may have to provide a LOX (letter of explanation) or job gap letter, but his past job history should not cause issue, lending guidelines are more focused on the likelihood of continued employment for the next 3 years.

Although we're located in Chicago, I'm able to originate and close mortgages in Iowa. Feel free to contact me if you need help with your new home loan.

Regards,
Andrew
aluett@luettmortgagegroup.com
0 votes
Josie Ashmore, Agent, Hiawatha, IA
Wed Jan 26, 2011
Hi Sara,

I recommend talking to Kathryn Brune at Inlanta Mortgage. She has 10 years of mortgage experience and specializes in First Time Buyers. Give her a call: 319-431-1172 She has an excellent flier called Buying A House: A Few Things You Should Know. Call or email me and I'll send you a copy right away. I'm happy to answer any other questions you may have as well.

Thanks!
Josie
Web Reference:  http://www.JosieAshmore.com
0 votes
Sally Grenier, Agent, Boulder, CO
Wed Jan 26, 2011
Definitely talk to a lender in your area. But it sounds like he should be okay. I had a client who had just started a new job, and the lender said they'd like to see at least one month of paystubs from the new company. Then of course they want to see good credit, money in the bank (for down payment & closing costs) and low debt. Good luck!
Web Reference:  http://www.sallygrenier.com
0 votes
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