Very interested in looking to possibly buying a home but length of employment is not enough. Does that pla a big factor?

Asked by Tyesha Smith, Paterson, NJ Wed Mar 14, 2012

Help the community by answering this question:

+ web reference
Web reference:


allan erps,A…, Agent, Pearl River, NY
Wed Mar 14, 2012
Answers below are acceptable. Some banks see any change of employment that creates a larger salary acceptable as well. Best of Luck!
1 vote
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Wed Mar 14, 2012
I'm going to give you the overview from an FHA loan approval perspective here, just to keep it as concise as possible:

*If you're self-employed, assume you will need two years of history in every case.
*If you're a "wager earner" or receive a W-2, then a two year history is also required, but if less than 2 years is available, then:
*Provide school transcripts or military discharge paperwork. Work should be in same field as study.
*If gaps exist between employment, but 2 year history can still be obtained, gaps must be documented and explained.
*If gaps are extended (generally greater than 6 months) than new position must be in place for at least 6 months before employment can be considered stable.

Hope this helps, but let me know if not.

Rob Spinosa
0 votes
Laura Gianno…, Agent, Manahawkin, NJ
Wed Mar 14, 2012
That's a great question and we've already had one mortgage rep answer. Perhaps you should post this question in the mortgage section as well as home buying where you're at now.

Good luck!
0 votes
William Mcco…, , Mount Laurel, NJ
Wed Mar 14, 2012
Hi Tyesha,

Yes you need two years employment in the same field to qualify for a mortgage. However, there are exceptions to that rule such as being in school prior to your employment, switching jobs in the same field, or even gap of employment due to illness, pregnancy, or moving. I think the best thing for you to do is review your exact situation with a mortgage consultant. Please contact me so we can review your options.

William McConaghy
Senior Mortgage Consultant
office: (856) 810-1200 ext. 223
cell: (609) 207-9098
0 votes
Alex Kushnir, Agent, Monmouth, IL
Wed Mar 14, 2012
It only a factor in getting a mortgage, not buying a house. Speak to your banker or mortgage professional regarding financing options.
0 votes
Search Advice
Ask our community a question
Home Buying in Paterson Zip Codes

Email me when…

Learn more