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It's been several years since we've bought our present home so I've been out of the loop regarding mortage requirements.
In general, how long shoud you be employed at a new job before you can apply for a mortgage? My son-in-law will be graduating from law school shortly and has a job lined up, but he and my daughter are starting to think about purchasing their first home and wonder how long they would have to wait. She is currently employed and they will have a very good combined income.
Attorneys are usually self employed, and will require 2yrs.
If he is offered a salary, then they may only require 1 day on the job or 1paystub. (With his Doctorate's diploma)
If it's going to be a government mortgage, then they will require 30days for salaried/full time employees.
Quote:
Originally Posted by CaseyB
It's been several years since we've bought our present home so I've been out of the loop regarding mortage requirements.
In general, how long shoud you be employed at a new job before you can apply for a mortgage? My son-in-law will be graduating from law school shortly and has a job lined up, but he and my daughter are starting to think about purchasing their first home and wonder how long they would have to wait. She is currently employed and they will have a very good combined income.
Thank you, he won't be self employed. He'll be working for a large firm.
Get a copy of his diploma and enrollment info from law school. Most lenders will use that as "employment" as long as its in the field he will be working in, which works in this case.
At most they may need 1 paystub, some lenders will do it with a signed offer of employment and letter of intent to take the position. Hopefully he didn't take on too much student debt
Thank you very much for the info. No, they have no student debt or any debt for that matter. This is really good news for them, I thought that lenders would be stricter given the current situation.
Thank you very much for the info. No, they have no student debt or any debt for that matter. This is really good news for them, I thought that lenders would be stricter given the current situation.
They are, but if someone has decent credit and good income for the debts they carry there are still lots of options. The hard hit are the stated income loans, bad credit or 100% financing. Even with good income and assets credit can often be overcome with FHA and other options.
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