Posted on: 15th Oct, 2013 01:31 am
We are planning to buy our first home and have also saved down payment for the same. I need to know how long you will have to be employed for a mortgage?
In most of the cases, the mortgage lender may review last two years your souce of income.
In order to provide you with a mortgage, the lender will see to it that you have 2 years of employment history.
Your lender will see that you are holding your present job for at least 2 years in order to approve your loan request.
The above post has been made by Kate Kelley.
Mortgage applications require that you provide employment information for at least the previous 24 months from the date of application.
That could be one or more employers.
If you were not employed for all of the previous 24 months, there are reasons that can be documented and your present employment could be one day or up to six months before you can apply for a mortgage.
If you were in school prior to emplyment, provide a copy of the diploma or transcripts and you need only be employed one day to start the mortgage process.
If you were employed but then had years of job gap and no employment, you may have to be on new job for six months as you reenter the work force.
That could be one or more employers.
If you were not employed for all of the previous 24 months, there are reasons that can be documented and your present employment could be one day or up to six months before you can apply for a mortgage.
If you were in school prior to emplyment, provide a copy of the diploma or transcripts and you need only be employed one day to start the mortgage process.
If you were employed but then had years of job gap and no employment, you may have to be on new job for six months as you reenter the work force.
