I've started a new job and I was wondering how long does one have to be on a job before applying for a first time home buyer's loan?

Asked by Jocelynn_Jones, Atlanta, GA Thu Mar 21, 2013

Is it too soon to start looking and what is the process like?

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Gene Caifano, Agent, Atlanta, GA
Thu Mar 21, 2013

Have you changed fields completely or just changed jobs in the same industry? That will be an important distinction as to whether or not a lender will close your loan. Be wary of anyone ready to give you a pre qual letter. That's the easy part. It's the closing portion that gets more difficult. I would recommend a Direct lender and do the extra work up front to get Pre-Approved or Better yet, Pre- Underwritten. Once you complete that, I will be ready and waiting to help you find a house to buy.

Gene Caifano
Real Estate Advisor/REO & Short Sale Specialist
Chapman Hall Realty
6100 Lake Forest Drive, Suite 120
678-362-7458 Cell
404-252-4512 Office
678-399-6469 Fax
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Robert Robbi…, , Atlanta, GA
Thu Mar 21, 2013
We can start right now. As long as you can have 30days worth of paychecks come in during or shortly after close on a W2 type/40 hour a week type job, you should be fine. I can give you a pre-approval letter and estimated GFE in a hour.

Rob Robbins
Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339
Office 678-578-7613
Cell 404-932-5353
0 votes
, ,
Thu Mar 21, 2013

As long as we can document at least 30-days on your new job, we can close your loan.

Most purchase contracts are written with a closing date 30-days out from the day both Seller and Buyer sign the final agreement.

So, to answer your questions:

1. You can apply for a loan TODAY, assuming you will not be closing on a new home/loan until at least 30-days from today.

2. It is not too soon to start looking.

3. The process is SIMPLE. Call me for a quick Buyer consultation so you can get PRE-QUALIFIED.



Gregory J. Peters
Sales Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
770-255-3835 | fax 678-387-1435 | cell 770-864-7926
NMLS#: 162522

Apply online! http://www.gregoryjpeters.com
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Solomon Gree…, Agent, Duluth, GA
Thu Mar 21, 2013
Hello Ms. Jones

The lenders with whom I work look for a minimum of 30 days employment.

Solomon Greene
Georgia Real Estate Brokers Associate, REALTOR® Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes
, ,
Thu Mar 21, 2013
Hi Jocelynn,
All loan programs today require a verified continuous 24 month employment history in the same line of work, but not necessarily with the same employer. There are only a very few of exceptions to that rule. Those exceptions are as follows:

1. If you are a recent college graduate, you can use your time spent in college to make up part up the 24 month history. A copy of your college transcripts and your college diploma will be required.
2. If, within the last 24 months, you have had a 6+ month gap in employment, then you must be employed at least 6 months since that gap ended.
3. For someone with a longer break in history, the same 6 month rule is followed, but a full 24 month employment history from previous employers must be verified.

For someone who is salaried or hourly, you generally must be employed at least 30 days with the current or new employer. This is due to the fact that a pay stub reflecting at least 30 days of YTD income is going to be required prior to closing.

If you are paid by anything other than a W-2 (i.e. a 1099, self-employed, etc), then you must have 24 months of receipt of that type of income. Some exceptions are possible if your current employer switched your compensation from W-2 to 1099 or commission.

Closing on a mortgage prior to starting a new job with a new company is only considered on a case by case basis for certain fields. Generally, a non-revocable employer agreement confirming your new salary, position, and start date will be required.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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