Wednesday, April 16, 2014

How Long Do You Need a Job to Get a Mortgage?

The most common question we are asked is, "How long do I need to have a job to get a mortgage?"  Here's the answer: 
  • Generally speaking, it's two years.  However, you do not need to have the same job for all two years.  As long as you have been in the same industry for two years, it does not matter if you changed jobs in the past two years. You only need to have your current job for one month to qualify for a mortgage.
  • If you are self-employed or receive more than 25% of your income from commissions, then you do need to have the same job for at least two years.
  • If you want to count your overtime pay to qualify for a mortgage, you need to have received overtime from the same employer for the past two years.
  • If you want to count your bonus income, you need to have received bonuses from the same employer for the past two years.
  • If you want to count the income from two separate jobs, you need to have had both jobs for the past two years.
  • If you have received specialized training or have a college degree, and then get a job the requires you to have that training or degree, then you only need one month of employment.  The college or training can make up the rest of the two years.
  • If you were laid off and are now working, the length of time you need your current job depends on how long you were laid off.  If you were laid off for 6 months or longer, then you need to have your current job for 6 months.  If you were laid off for less than 6 months, then you only need to have your current job for one month.
There are many other situations other than those mentioned above. Call us with any questions.

Does your lender sell directly to Fannie Mae like we do, or do they have additional underwriting guidelines that prevent loans from being approved? 

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

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By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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