Two yr. work history (PMI, loan, 401k, credit score) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

Eatmochikn · 12-26-2011, 11:20 AM

I plan to buy a house in the near future. We are looking at the USDA loan program. The problem is I have been told you have to have a Two yr. work history. If this is true what other options do I have? Do they ever bend the rules slightly or have some type of Waiver for the Two yr. work history. I have been in my present job for 1 yr. 3 months. I have credit scores of 787, 799, 813. I have a 44k salary just would like some advice/info on this issue. Thanks!!!!!

SmartMoney · 12-26-2011, 04:37 PM

UDSA defaults to FHA guidelines (at least in my corner of the world). What were you doing pior to the job you are on?

Eatmochikn · 12-27-2011, 08:33 AM

I worked as a self employed pipe welder. I had to take about 1 1/2 yrs. of no work due to some health problems. survived my monthly bills by selling a farm my home and paying medical bills from a 401k. It was a rough time but I got through it with family and God's help. I now work for Tyson as a Safety manager/supervisor. been employed with this great company for 1 yr. 3 months. I have always paid my bills/past mortgage on time and paid off past mortgages hence the good credit scores I assume. Im just in a dilema with the usda loan qualifications needing a 2 yr. work history. Would love to get a loan on a new home through the usda loan program. Since I dont have a 20 percent down payment on hand. I also like the idea of the no pmi on a loan through the usda. I have the cash on hand to pay the usda fees up front. Just needing some advice to get an idea what my options would be. I would love to have my own home once again. with todays great intrest rates and loan programs.

GoPhils · 12-31-2011, 05:39 AM

Quote:

Originally Posted by Eatmochikn

I also like the idea of the no pmi on a loan through the usda.

USDA does have mortgage insurance now, and you have to pay it for the life of the loan. But it is much less expensive than other loans.

Hemlock140 · 12-31-2011, 10:17 AM

PMI is commonly required when the two year history cannot be met, and also, they will look whether the new job is very similar to what you did before, which increases your chances of success there. For example, switching from call center operator to computer technician would not
look as good as the same occupation just at a different employer.