Mortgage: if held job less than 2 year, will int rate be higher?
by Mortgage Rates on Thursday, October 28th, 2010 | 4 Comments
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yes, arbitrary rule of bankers.
go the route of lease -option till you are on a job 3 yrs.
As long as you have been constantly employed & no job gaps, they will not charge you a higher rate, especially for an FHA loan.Hopefully you are staying in the same field of work, because sometimes that matters. You have a down payment, so you should be fine.
If your job is in same industry, and job held more than 6 months, usually not a big deal. . . .
Not all lenders require applicants to hold job for 2 years. . . .check around. . .and particularly with 40% down. . .shop around. . .
If they are trying to tell you that you are going to have a higher rate due to you not having the same job for 2 years… they are screwing you over. All they really care about is that you have held a job for 2 years without a huge employment gap… and even then you can get around it by writing an explination letter. Please dont settle for a higher rate. Good Luck