2007-10-12 20:03:07 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It can be done, it's just a little harder. If everything else is in line then they can go back as far as they need to establish the 2 year work history.
I recently worked with a lady who just came out of divorce and had been back to work for a little over a year in a great job. We ended up going back to her job when she was 18 to establish a work history for her. Granted she had a downpayment and good credit working for her as well.
If that's the only piece of the qualification you're missing, go ahead and try a few lenders and brokers. I'm sure someone will approve you. If your credit is subpar or you have no money down, this would be an excellent time to fix your credit or save for a downpayment while finishing out the standard 2 year requirement.
Short answer: Just like anyone else, apply and hope for the best.
2007-10-13 02:56:30 · answer #1 · answered by matzael 3 · 0⤊ 0⤋
I have financed people without 2 yrs of work history. It really depends on the situation. Are you just getting out of school and working now? How long have you been at your current job? Also can you fully document your income with pay stubs? If you are self-employed less than 2 yrs that is a different story. it is very hard to find a program that will do that.
2007-10-13 18:55:27 · answer #2 · answered by yourmtgbanker 5 · 0⤊ 0⤋
Getting a cosigner or having a larger down payment. No doc loans don't care if you even have a job but you need 30% equity and a credit score over 720 to get a good rate.
2007-10-13 03:41:25 · answer #3 · answered by shipwreck 7 · 0⤊ 0⤋
I have never seen a loan program that would allow it, UNLESS you are a new college graduate with a job offer letter in a recognized profession....loans get approved on those without ANY work history.
You can't assume a loan unless you can credit qualify, and banks aren't allowing that practice anymore unless it's FHA or VA.
2007-10-13 03:51:22 · answer #4 · answered by Expert8675309 7 · 0⤊ 0⤋
It can be done, but you'll have to shop a little for the right lender. If this is your first house, you will likely qualify for a low-interest loan or other goodies such as downpayment assistance.
Good luck!
2007-10-13 08:42:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you can a no no doc loan if you down 20%
2007-10-13 07:39:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
ever heard of assumable mortgage?................
2007-10-13 03:12:34 · answer #7 · answered by spanky20900 2 · 0⤊ 2⤋