can you get qualified for a home mortgage if you have only been working for 5months but have decent credit?
by Mortgage Rates on Saturday, October 2nd, 2010 | 5 Comments
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It depends on the interpretation of investor guidelines by individual underwriters. I had always used the “2 years in the same profession or now working in a field of study” rule of thumb but the underwriters where I am currently say that their interpretation does not require that 2 year history.
Yes, you can, however, don’t be surprised at the number of points you may have to pay or the down payment you may have to come up with. Interest rates are quite high right now but, prices of homes have stagnated and are low. Good luck!
Well in NY that would be a no unless you wanted to put 20% down. My husband had only had 6 mos of work history in the US and they wouldnt approve us without the 20 down
Most lenders do require 2 years of job history and most of the time they want 2 years in the same field.
So if you currently work at Macy’s as a sales clerk and have been there 5 months, but worked at Sears as a sales clerk for at least a year and 7 months prior to Macy’s, you should be fine.
Good luck!
A lot of lenders allow you to use specialized schooling as part of your history as well. If you were going to school for a year and 7 months ago to be a medical assistant, and you have been working in that position for 5 months after graduation, most lenders will count that as well.
In SOME cases, they allow a 30 or 60 day gap: so if you took a month off between Sears and Macy’s you MIGHT be okay.
I’d suggest you talk to a bank or broker to really get your options. Don’t commit to anything right away, but give them your work history as ask if now is a good time for you to apply.
Dur to circumstances amd today mortgage and real estate downturn, maybe better off you walk to the home seller ask them what they can do for you if you have some down payment?
Owner maybe willing to finance you if you find the right one and right condition.
I have been invovle in RE for decade, have not use mortgage money to buy any property yet, both land, commercial and residential Bldg.
Let me know more if you need more of my two cents!