What Work History Do I Really Have to Have to Qualify for Home Loan?

I wanted to talk to you today about work history and the misconception that you need two years in the same field in the same job in order to get a mortgage. Hi everyone, this is Mia Schultz and I am your mortgage therapist.

There are several options that live outside of that general guideline that I want to review with you today. One of those being a shorter work history for someone reentering the workforce, such as a mom who's been out for awhile. Previously had a job in an industry that she's reentering, could potentially even be 10 years later. In that circumstance, we can actually use a shorter period of time in order to qualify her for that mortgage.

Another instance might be someone who is going through a divorce that maybe didn't have to work previously. That is now working to support themselves. Depending on the type of job, the longevity of it, there are cases that the agencies will allow us to use a 12 month history rather than a 24 month history.

So it's always really important to discuss this with your loan officer, to make sure what you need to provide in order to show that your income is stable and increasing. We always want to remember that that's what the underwriter's job is, is to prove that this income is going to be stable, it's going to continue, and should be trending in the right direction.

One other thing that I want you guys to keep in mind for those of you who have just recently graduated from college, we can use your college years as part of that two year history. So as many of you know, when you're studying real hard and trying to get that degree, it's hard to hold a full-time job and show that you're earning potential.

But all those hours that you invested in putting into school, we're going to count those as part of your work history when you land that great new job that you have. Once you're working there for a few months, getting your feet wet, and earning and showing that you've got this new salary, we can tack on that school years to create a full two year work history that we can use to qualify you for our new home.

So I hope this video was helpful. And if you did find it helpful, please click down below and subscribe to our YouTube. And if you do need any help and want to have a chat with me personally, please reach out. I would love to have that conversation. Thank you!