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For mortgage experts out there I have a question. I've always heard to get a loan you had to have been at your job at least 6 months. Is that correct? And does that mean that specific job? If I'm accepting a new job in another state, and want to buy a house instead of renting, do I have to wait at least 6 months? Or if I'd had continuous employment is that what they are looking for?
Most lenders require a full 30 days worth of paystubs. Some, under the auspices of Corporate Relocation, will allow for the first paystub only on FHA loans. As long as your income is calculated to be sufficient to carry the file, one month - by the time you close, which is typically the Contract Period - is sufficient.
1 month? I've always been told lenders want to see 2 years of consistent employment in the same field. It can be at different companies, but 2 years... with the exception with if you went to school for a particular field. For example, if you just became a doctor and you have a letter of intent to work at a doctor's office, or if you went to school to become a lawyer or a teacher, and you just got a job in that field...
But if you went to school to be a lawyer and instead you're sacking groceries, you need 2 years as sacking groceries (or other grocery store job like stocker) to qualify to show consistent history on the job.
1 month? I've always been told lenders want to see 2 years of consistent employment in the same field. It can be at different companies, but 2 years... with the exception with if you went to school for a particular field. For example, if you just became a doctor and you have a letter of intent to work at a doctor's office, or if you went to school to become a lawyer or a teacher, and you just got a job in that field...
But if you went to school to be a lawyer and instead you're sacking groceries, you need 2 years as sacking groceries (or other grocery store job like stocker) to qualify to show consistent history on the job.
The OPS isn't clear if they have been working for 2 years prior to the move/job offer.
Thanks for answers.
Yes, I've been working for over 4 years at same job (and have job history of over 25 years), and the change would be to a new job in same industry.
I wasn't sure if it meant at same job, or how that works. Sounds like if you have continuous employment, and take a job in same field it wouldn't be an issue?
Thanks for answers.
Yes, I've been working for over 4 years at same job (and have job history of over 25 years), and the change would be to a new job in same industry.
I wasn't sure if it meant at same job, or how that works. Sounds like if you have continuous employment, and take a job in same field it wouldn't be an issue?
It sounds like you'll be fine, but having an HR department willing to back you up, goes a long way.
Unless anyone here claims to be an underwriter I wouldn't take anything for gospel. Call up a lender (or lenders) in the City you are considering moving to and talk to them.
Thanks for answers.
Yes, I've been working for over 4 years at same job (and have job history of over 25 years), and the change would be to a new job in same industry.
I wasn't sure if it meant at same job, or how that works. Sounds like if you have continuous employment, and take a job in same field it wouldn't be an issue?
As long as your income is designated to be guaranteed Full - Time, minimum 40 (or some number that works) workweek, you can be one day into a new career. If it were part time work, self employment, or work that pays overtime that you need to qualify, very different story.
New job, same line of work, sufficient workload/salary designation to carry the loan, you need the first month of paystubs prior to close.
I am trying to get a mortgage. I have been in my industry since 1996. I started my own company doing the same job for the same company for the last 3.5 years. I am being told it will take me two years to get a mortgage. The stories that banks would take into account 7 years ago are not listened to these days.
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