Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My friend's cousin who only has been at his job under a year was able to get a mortgage? I thought qualifying for a mortgage meant you needed a stable job and many multiple years of employment so that they know you can continue to pay the mortgage. So this is no longer the case in 2016? Now they give mortgages to people who has not reached a full of year of employment? Unless the salary overshadows the length of employment. I don't even know why someone would get a house and only been on a job for 7 months. I mean even if the person can make the down payment job stability is no longer a qualification needed?
What I've heard is that they look at employability in addition to employment.
So if you are in a situation where you have been making steady income for a period of time, even if you changed employers, if you are likely to be employed making the same type of income in the same industry for the foreseeable future, then you are considered low risk.
If you just started a job in a new field or started a new business venture and you are less than a year in, that is a more risky scenario for a lender.
My friend's cousin who only has been at his job under a year was able to get a mortgage? I thought qualifying for a mortgage meant you needed a stable job and many multiple years of employment so that they know you can continue to pay the mortgage. So this is no longer the case in 2016? Now they give mortgages to people who has not reached a full of year of employment? Unless the salary overshadows the length of employment. I don't even know why someone would get a house and only been on a job for 7 months. I mean even if the person can make the down payment job stability is no longer a qualification needed?
Other factors to consider is your income to debt ratio, your credit score, and the amount of money you contribute to the down payment. Retired people can get a mortgage without being employed.
Other factors to consider is your income to debt ratio, your credit score, and the amount of money you contribute to the down payment. Retired people can get a mortgage without being employed.
Also, amount of assets you have after down payment + closing costs. If you have a huge cash cushion, that can compensate for other factors.
Many factors at play. For example, someone takes off 4 years to have or nurture a child. He or she started working FT last week because the child is now old enough to be put into preschool or the family member is well enough to be left with a home health aide . You cannot penalize the parent or family member unless you want to defend yourself in a lawsuit. Student goes to college and graduates? College grad can count college as work history. I don't know where the OP got his information, but it didn't serve him or her well. Two year history is standard.
Many factors at play. For example, someone takes off 4 years to have or nurture a child. He or she started working FT last week because the child is now old enough to be put into preschool or the family member is well enough to be left with a home health aide . You cannot penalize the parent or family member unless you want to defend yourself in a lawsuit. Student goes to college and graduates? College grad can count college as work history. I don't know where the OP got his information, but it didn't serve him or her well. Two year history is standard.
Well to me it seems like giving someone a mortgage who only been on a job for seven months is a high risk. Unless they are looking at the overall employment history over the course of the last 5 to 10 years.
They throw giant mortgages at newly-minted doctors all the time.
Which is again, because it's a relatively safe bet that those doctors are going to be making the same or more than their current income in the same industry for a number of years into the future.
Well to me it seems like giving someone a mortgage who only been on a job for seven months is a high risk. Unless they are looking at the overall employment history over the course of the last 5 to 10 years.
And this is why many risk factors are evaluated, not just the job history. Credit history, assets, prior housing payment history all tie into the approval decision. Additionally, the lender obtains mortgage insurance (default insurance) to insure against any losses.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
