4 Comments July 20th, 2009

Can I get a mortgage loan with little employment history?

tip asked:


I am highly considering buying a town home very soon but I do not have solid employment history. I was wondering if I could buy a town house with little employment history. Everything else is fine, I have the money, I know what I am looking for, my credit it fine, but my employment history at one company is less than six months! Please HELP…Thank you in advance to all that has answers to my question!!!

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4 Responses to “Can I get a mortgage loan with little employment history?”

  1. dinesh j Says:
    July 23rd, 2009 at 6:51 am

    surely you can get with the employment history

  2. mazziatplay Says:
    July 25th, 2009 at 3:49 am

    Investor guidelines state that you have to have been employed in the same profession (not the same job) for a minimum of 2 years or, if recently graduated, be working in your field of study.

    If your current position is unrelated to your previous experience your loan officer must document how your previous experience qualified you for this position and make a case for the fact that this is a step up in your career.

    I’d be happy to answer any other questions you might have.

  3. Joe K Says:
    July 26th, 2009 at 10:21 am

    IF, as you say, you have “the money” and decent credit, it should not be an issue. Get a referral to a trusted mortgage broker – some local banks may work with you as well. Have them help you. I would talk to two or more. Let them educate you. It MAY make sense to wait 3-6 months, but you should be able to get that done.

    The programs you qualify for will greatly depend on your credit. If you know that, please share with us your credit scores and we can offer more guidance.

    Regards,

    Joe…

  4. Puddinhead Says:
    July 27th, 2009 at 9:36 am

    If you have been in the same line of work (i.e. Customer service, receptionist, laboror, manager…etc etc) You will be fine. You will simply need a VOE form from your broker (Verification of Employment form). As long as you can document your last 2 years of employment you are fine. And if it was in the same line of work, it will not make a difference at all. If you are in TN, AL, KY, or FLA, I can help you. I am a mortgage broker.