2006-08-01 01:53:31 · 6 answers · asked by Grace K 1 in Business & Finance ➔ Credit
No, but you do have to provide a job history for at least 2 years.
2006-08-01 02:05:31 · answer #1 · answered by amkornele 3 · 0⤊ 0⤋
No - but it helps. I'm closing on my place today and have just gone through the loan application process.
If this is your first home loan, it will be much harder because you haven't had a history of paying a loan this large. They'll ask for A LOT more detail than if you are simply selling a place and buying another.
Essentially, the loan application wants to see you demonstrate that you are employable, not that you have specifically been at a place for two years. If you've been at your present job less than two years (as was the case with me), they'll ask for an employment history for previous jobs. If they see a history of staying a jobs for less than two years, that will raise some red flags. Otherwise, you should be OK.
2006-08-01 02:03:22 · answer #2 · answered by Carth 1 · 0⤊ 0⤋
No you can have employment with a company for 1 year. Put you in what is called an Alt-A catergory if your credit score allows it. Some subprime companies that these programs as well. You can have employment for 1 year and go Full Doc which is good. Another way around this is education. If you studied a certian subject is college and went into that field your college years can be counted as employment. So go out there and get a home before interest rates rise.
2006-08-01 04:22:23 · answer #3 · answered by Openthathouse.com 4 · 0⤊ 0⤋
I'm not a credit counselor, but I don't think so, provided that the change in jobs is a good thing. For example, if you were promoted, or you left the old job for a better paying one, but you had a stable employment record otherwise. It probably wouldn't help if you left a job with a bank for a job making license plates, though...
2006-08-01 01:59:49 · answer #4 · answered by Ralfcoder 7 · 0⤊ 0⤋
no. it does help however if you were employed for the past several years then all your lender/broker will do it verify the employment with your previous employers. it simply makes things easier in the processng stage when you've been with a company for two years or more as it shows some stabiilty. however, if you were job hopping from different non0related fields, then that makes lenders weary.
2006-08-01 05:49:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
they like ot see you in the same "field" for 2 yrs. they say you can write a letter explaining any jobless periods ...for example havin a baby....but that's a crock.
oh I found out bank of american can do loans w/o verifying employment history if you have a high fico score.
2006-08-01 16:41:00 · answer #6 · answered by tryinthis2 4 · 0⤊ 0⤋