I am looking at getting a home loan, would it be possible with only 1 year of work experience in the military?

Question

Do banks generally want you to have more than 1 year of experience? Also would they be more okay with me because I am in the military and have a stable income.

Answer 1

I think in general a bank is more concerned about your current and future income situation rather than your past. I think if you can prove you have enough income going forward to make the mortgage payment, you should qualify for a loan. The rate could be higher because of lack of history though. Good luck.

Answer 2

you can get a home loan with 1 year of work history. A lot depends on your credit score and whether or not you have enough income to afford the house. As a previous answerer stated, you would also qualify for a VA loan. I don't know all the rules on VA loans though so you need to check that out carefully. It used to be, years ago, that a veteran could only get one VA loan during his life but I think that has changed.

Answer 3

Since you're in the military, you can get a VA loan. Even if you don't have the greatest credit rating, banks will be more willing to work with you because of the VA guarantee.

Answer 4

You are in the perfect position to buy a nice now. They do not look at how long you've been working...they just want to know you have a means of income. Get pre-approved to see how much of a house you should be searching for, then contact a realtor. Do you plan to use your VA loan?

Answer 5

You're in an excellent position to buy a house - The banks know you get a housing allowance. You can get a VA mortgage. Go talk to real estate agents and your bank. Congratulations on your upcoming purchase!

Answer 6

I think you will be OK with just one year of experience, as long as you are still working when you apply for the loan. This is a helpful site for loan information. Best of luck! http://loan.divinfo.com/

Answer 7

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