Wednesday, November 23, 2011

How long do you have to be at a job before you can be considered for a mortgage?

I have bad credit and 15 percent downpayment.How long do you have to be at a job before you can be considered for a mortgage?
They want to see 2 months pay stubs from you place of employment.How long do you have to be at a job before you can be considered for a mortgage?
Since it came out in a later question that you are self employed, it would be 2 years of tax returns they would want to see. Also, if you were working for someone else, you would need 2 years of steady employment. The only caveat to that is if you changed jobs, but it was in the same industry, you would be ok.





Also, don't try to fib on your tax returns, as the lender will have you sign a paper that allows them to send away for the return you filed with the IRS.





No more funny loans. LOL
mortgage... the origin of that word French.





Mort = Death


Gage = Pledge / Promise





Thus: I promise on my life I will repay the debt borrowed.





Answer = depends on the nature of your employment and different lenders have their own criteria.
maybe 3 to 9 months

No comments:

Post a Comment