What Is A WORK HISTORY And Can I Buy A HOME

Dated: 01/24/2019

Views: 133


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

Haines City Commercial Property Great Location Just Off US27

                                                    ;

Read More

Stranded Without A Kitchen Island

When it comes to home improvements, there are few things that are requested more often than kitchen islands. Having a kitchen island can totally change the way that you work in your kitchen, and in

Read More

Hone Elements Worth Keeping

Whether you're looking for a home with character, or interested in selling one, I'm here to help! Send me a message to get started today. #thehelpfulagent #worthkeeping #houseexpert #homestyle

Read More

Top Repairs To Tackle Before Listing Your Home

When you put your home on the market, you obviously want to get as much as you can for the property. A lot of things can affect your home’s value, including many items that are largely out of your

Read More