What are the job requirements for a Conventional Home Mortgage?
Written By: admin on October 26, 2009
3 Comments
I am looking to buy a home. I just started working the past month after 6 months out of work. What do lenders require as far as job/history requirements for a Home Loan? Isn’t it just two months worth of paycheck stubs?
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Its usually a year at a job for a conventional loan.
Hi Tom,
First, Congratulations on your upcomming home buy. You must be very excited..
regarding your question:
- A lender doesn’t necessarily look for "job requirements" per se when you’re applying for a loan. More than anything, A lender will first look at your FICO score to determine how well you have managed your credit. THe lender will also look at your outstanding balances and the proportion of balances compared to credit limit. Remember, the less you owe the more attractive you are as a borrower.
In terms of Job history, your broker can question for an excpetion for you as a new hire. Instead they can consider the amount of time you have been working in a specific industry.
If this exception doesn’t work, your broker can use 12 months bank statements as an alternate form of income and asset verification.
If you are in California and want to examine all the financing option for your buy, please let me know. We have financing products for all types of financial situations and needs..
Excellent luck and again, congratulations.
Rommel J. Mijares
if you are on salary, you will be fine. the lender will need last 2 pay period pay stubs…