How long does a person have to be on a job to purchase a home?

Question

I am starting a new job soon. I was on my prior job for almost 4 years. Will this prevent me from being eligible for a home mortgage?

Answer 1

As anytime that you have a question regarding qualifying for a mortgage, IT DEPENDS. It depend on a multitude of factors. But to make things simple, there are the basic 3 C's of mortgage lending.

Credit- pretty easy to understand, but generally looking at the credit score but if there is insufficient credit, derogatory or other adverse things, then they will be taken into account.

Capacity- In other words income or your ability to repay. It takes into account how much is coming in verses how would be going out

Collateral- The home: type, location, how much would be borrowed verses what its worth etc..

Back to the question about job history. You can get a home without having a job at all as long as some of these other factors fall into place. However, you would not qualify for as good of a rate as a person with job history. It is also correct that if you have just changed jobs but are still in the same industry, it is if you have been there all along.

Hope this helps, send if you have any additional questions.

Answer 2

It depends on how much you make and if you have enough down payment. Normally, you can do it without waiting because you continue working, plus they will check your credit. If you have a good credit, you should be fine the mintue you start working. I don't think you are not eligible for a home mortgage in short time working for one job.

However, if you just started a job, then you may have to wait at least 3-6 months depending on the mortgage company.

Answer 3

Unfortunately, banks will not finance a house for more than it is worth. If your sister wanted to buy the house, she would have to put down about $100,000 in cash (the difference between the loan and the house's value). With the recent mortgage loan problems, few banks will finance without some proof of income, so that is probably not an option, and in any case, if they were to refinance, they would have to come up with the $100,000 differential. Short sales are an option if the bank agrees, but your parents would lose the house and hurt their credit score. As a first step, your parents should call the bank and explain the situation. Next, they need to ask if they are eligible for and sort of help or relief under the recently signed mortgage legislation. Their bank loan officer should know and/or have this information.

Answer 4

I wouldn't think so. It sounds like you have a good work history and really what the bank likes to see is no bad debt and ability to save as well as stability. My advice would be to apply 6 months in from the start of the new job. Banks love to give out money as long as you have the funds to be able to pay it back I mean shite they'll just repossess the house if they can't get their money!!!!! ALL BANKS ARE BASTARDS!!! That's tongue in cheek!!! But at the end of the day its all business and i have found if you get into problems go see the bank straight away rather than waiting for things to hit the wall. Just do the research and get the knowledge and don't be scared to ask for what you want just have a good plan. I wish you the best of luck.

Answer 5

I had worked for a mortgage company and they required that a person be on a job for 2 years, or if they had changed jobs it was the same or similar type of work that they were doing. There are other types of qualifications that have to be met, If you have bank and tax statements to prove your income, you don't have credit problems then you can probably discuss the job stuff with them and they might work with you.

Answer 6

If you're new job is a similar career they will consider you as being on the job for the four years prior. What's almost as important is your credit report and score.

Answer 7

In general you should be on the job for 2 years, it can be in the same field so it doesn't have to be with one company. You should try to get approved for a home loan at http://www.nationwidebillrelief.com/homepurchase.html

Answer 8

6 months

Answer 9

just to say, having a new job will have to be at least 6-12 months,you also have a chance because you were at your previous for as long as you say.and residenscy also counts

Answer 10

preferably 2 years.