Do you have to be employed for a year to qualify for a mortgage?

Mortgages - how long do you need to be in full time employment to qualify for a mortgage? I realize that today's mortgage companies are being MUCH stricter with their lending qualifications.Do you have to be employed for a year to qualify for a mortgage?
Fannie Mae has a program and Also FHA





requires that the borrower must have full time work experience for one year prior to entering into a mortgage agreement. Fannie Mae鈥檚 community lending guidelines require employment for the full two years that precede the date of the mortgage application, but allow the lender to consider a borrower who has an income history of between 12-24 months if the borrower鈥檚 mortgage application indicates that there are compensating factors that reasonably offset the shorter income history. Lenders will allow participation in a Family Self Sufficiency Program to be considered a compensating factor for borrowers with less than 24 months of employment.Do you have to be employed for a year to qualify for a mortgage?
You usually need a 2 year work history. Most companies are looking for continuous employment. You don't have to be at the same place for 2 years, but you should be working for at least two straight years. Yes, companies are getting stricter, but there are still some good options out there.
Most prefer that you were working at the same job or same industry (example you simply changed companies for better pay same job) for at least 2 years. There are programs that could possibly help but I would need to investigate those for you. I recommend you talk to a local mortgage broker. They are usually up to date on the programs that are available. Good luck


Bob Laibach


www.gogreedy.com
at least a year.
Most companies will require a 2 year work history preferably in the same industry. If you have not been employed at the same place for 2 years, they will probably require a VOE, verification of employment. Your employer will fill it out with basic info, your start date, chance of continuance, how much you make.... Best of luck.
Don't contact Marty from Premium Loan Sharks. You need to be careful that you do not fall victim to a loan fraud or identity theft problem. As you can see, there are plenty waiting to take advantage you.





You can get by with less than a year if you have remanded in the same industry and can document that you have held jobs for long periods of time.





Mortgage companies are actually MUCH more lenient then they were 10 years ago. That is why so many people are in trouble, they received more mortgage they could handle.