Real Estate Loans Work Experience Requirement??

[imported_UncivilizedAMD]

Recently heard from friends that I need to have a minimum of 2 years recent work experience to qualify for a home loan? Any truth in that?

I just recently started working 2 months ago. It's a very stable job since its in the healthcare industry.

 

[Tooncesthedrivingcat]

Most underwriters will deny you. You are too risky.

 

[boomhower]

Yeah two years is the norm.

 

[DaWhim]

find someone to co-sign with you?

 

[smokeyjoe]

I don't see many exceptions being made for this kind of thing nowadays.. if you had been in the field for 2+ years and just moved to another company/hospital, that would be a different story. GL

 

[boomhower]

The one exception could be school. I don't know if they still do but FHA would count your time in school if you obtained a job in the field you graduated in within a reasonable time frame. For instance if you got a two years associates in nursing in June and got a job in July all you would need is two check stubs. With the events of late I don't know if this will still fly but I know for a fact they have in the not to distant past.

 

[nanette1985]

If you're doing a 90 per cent down payment, they might talk.

 

[duragezic]

I'm not sure how strict it is.

A buddy of mine I graduated with and we both came to work at the same place in May/June. I talked to him a few weeks ago and he is looking at houses for his next place instead of continue to rent an apartment. So that is less than a year of real work experience (outside of part time jobs he may've had in college or high school). Plus I am almost positive he has same or less of a credit history than me (which is not much).

 

[FelixDeCat]

Depends if you are going FHA or conventional.

Since most people go FHA, heres the requirements.