How long do I need to be in my job before I can re-apply for a mortgage.?

Asked by Mackenzie0330, E Flat Rock, NC Sat Oct 8, 2011

I have been a stay at home mom for the past 2 1/2 years and problems with my marriage forced me back to work. I have been with my job for a year last week and I tried applying for a small mobile home mortgage and was denied based on 3 things. Income to debt ratio (that can be changed quickly didn't realize my name was still a 2nd on a credit card my husband and I shared (we are seperating) # 2 amount of income ( should be changing soon when I become a Medical Assistant still within the same company) The only thing I obviously can't change is length of employment. If I get the other 2 issues dealt with will a lender look past my length of employment? Or how long do I need to be there before I re-apply? Credit score is very good. (not a factor)

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Shane Milne’s answer
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Sun Oct 9, 2011
Since you have an employment history prior to your employment gap, as long as you can document a 2-year employment history prior to it, then you should have no problems using the new employment for qualifying purposes. I have helped someone in a similar situation who took off work to raise her son, went back to work and after 6 months on the job we were able to approve her. It's actually an FHA guideline that for people who have a considerable employment gap (considered 90+ days) if there is a 2-year prior employment history that can be documented, then just 6 months back on the job is required. In your situation where you've had 1 year on the job and if you can document your prior employment history, then I feel your employment should be fine to qualify. I'd recommend you continue to save up, get the credit card taken care of (more because of the balance is hurting your scores, even if it's only a few points, because if it's in the divorce decree he's responsible for it then it can be excluded from your debt ratio that way), wait until you get your job promotion (congrats by the way) and look to buy sometime after that point. You can still get pre-approved prior to your pay raise, and using the new rate of pay, as long as you will get the new rate of pay prior to you closing on the home (so you can time making an offer, etc.).
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allan erps,A…, Agent, Pearl River, NY
Sat Oct 8, 2011
Income to debt ratio would actually help if your income goes up. Suggestion is to pay off any other debts or reduce. Keep in mind that Mobile Home Loans ofter have many more restrictions and may be tougher to get loans for.
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Guy Ghanem, , Las Vegas, NV
Sat Oct 8, 2011
Typically they like to see 2 years on the job. My suggestion to you is to speak with a lender and see what your best options are. Also, you mentioned that you are becoming a medical assistant soon, what are you now? Typically , they want to see 2 years employment consistent at the same job/position. Switching positions although it's more money may work against you, so i would try to buy beforehand if possible. However, as I mentioned, consult a lender, they will paint a true picture for you.

Best of luck.
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