What Is A WORK HISTORY And Can I Buy A HOME

Dated: January 24 2019

Views: 161


Image title Can I BUY a HOME if I changed Jobs?                                    What if I was out of work for a while?

SAME LINE (TYPE) OF WORK:  2 years are required (and worked within the United States) but not necessarily at the same job.

LENGTH OF TIME AT THE SAME JOB: If you have two years in the same line (type) of work and just switched jobs then we will need an employment letter and a paystub from the new job before closing. 

SECOND JOB: 2 years are required for working at both jobs.

BONUS/OVERTIME/COMMISSION: 2 years are normally required.  If you switch jobs but have the same job title and get paid the same way then an exception can be granted if you have been at the new job for at least 6 months. (Note: VA is very flexible. (2019) FNMA treats commission income like regular pay so tax returns are not always required.)

JOB GAP: (FHA Loans) If you were out of work for more than 6 months you need to be back at work for 6 months at same job.

FUTURE INCOME: For conventional loans we need an employment letter start date for new job, new raise, or retirement income 90 days from the mortgage note and 6 months of reserves. FHA and VA loans are 60 days.

STILL NOT SURE? WE ARE HERE TO HELP! Contact us TODAY... Don't WANDER around WONDERING!


Blog author image

Manuel Quiros

My name is Manny Quiros, I’m a real estate professional in the “Disney Area”, I have lived in this area since 1999 and have called this area my home and place my wife and I to raise our three wo....

Latest Blog Posts

Whats New In Garage Door Styles

Garage doors might not seem like they make much of a difference, but imagine what your home would look like if you just had a flat door where your current garage door stands. Because they take up

Read More

7 Mistakes Families Make In Handling The Estate Of A Deceased Love One

- Hello, I'm Chris Loschiavo with Home Team Epic and I Think Realty. For our video today we're gonna talk about "Seven mistakes people make when handling a deceased family members estates."

Read More

Best Materials For Refinishing Stairs

Staircases tend to capture the eye because of the way they transcend from one level to the next. If your stairs have seen better days, though, you might not like the message that your staircase is

Read More

Ready To Refinish Your Cabinets You Have Options

It’s been a long year, and it’s ok if you’re tired of staring at those kitchen cabinets you’ve frankly hated for years. 2021 is a year about promise and change, and you can start the

Read More