2006-06-12 15:55:59 · 6 answers · asked by WILLIAM W 2 in Business & Finance ➔ Renting & Real Estate
My niece is wanting to buy a house from me and she has only been working for a year now and has held two jobs during that time.
2006-06-12 16:18:17 · update #1
They usually ask for 2 yrs of income history, doesn't have to be the same job. But you can still get a mortgage with a shorter history (or no history using a "stated income" application), your rate will just be a little higher. On a "stated income" application you tell them your income and they just take you at your word, no tax returns, payment stubs or anything, just verification that you are employed.
2006-06-12 15:59:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The rules are probably different for each lending institution. I would just call and talk to a lender
My fiance changed careers and we secured our first home mortgage 2 months into his new job. Before the transition, he was at his last job for ten years though. I really think that it depends on your work history, your salary from the new job and old (for comparison purposes), and your credit history as well. If you have a good track record for both you should be ok.
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2006-06-12 16:05:00 · answer #2 · answered by ishkbibl13 2 · 0⤊ 0⤋
It really depends on your credit history, credit ranking, type of job, amount of money you are currently making VS amount of money you are currently paying out (ie bills and loans), and your financial institutions regulations. Call and ask a loan officer at your bank or mortgage company. The worst that can happen is you will learn what you need to do to qualify if you get turned down! Good luck!
2006-06-12 16:02:27 · answer #3 · answered by tom8o 3 · 0⤊ 0⤋
2 years total verified work. Longer in the same line of work makes the loan stronger.
I work for a mtg lender
2006-06-13 03:37:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
My understanding is at least 2 years in the same field of work
2006-06-12 15:59:21 · answer #5 · answered by just_an_illusion 4 · 0⤊ 0⤋
Depends on where you live and your financial institution. If your work history is good (you haven't jumped from job to job to job) it shouldn't be a problem
2006-06-12 15:57:34 · answer #6 · answered by mama3x 3 · 0⤊ 0⤋