Removing Roadblocks to Homeownership – Job Stability

Filed under: Borrower Tips

This week I am sticking with the theme of removing roadblocks to home ownership, talking about how job stability affects your ability to get financing to buy a home. It is common for people to ask me questions about job stability: “How long do I need to be at my job before I qualify?” “Are there issues if I haven’t been at a job for very long?”

Simple Answer to a Complex Question

The canned answer to the job stability question is that you need to have two years of employment history. Even though this is the simplest answer, there are many ways around it if job stability is the point of concern for mortgage qualification.

For example, I am currently working with a few people who are students. Since they are just getting out of school, we can leverage the student history as their employment history. So, we’ll use their transcripts to show the student history.

Another possibility is when someone just switched jobs. How does that affect options for lending? If you just changed jobs and stayed in the same line of work, in most cases we can count that without an issue.

There’s Always a Way

There are often little details that need to be worked through, which is why it is a case-by-case process for each client. Just keep in mind that there are always options to work around the “rules” of mortgage qualification. We can get creative and help you make it work so that you can buy a home.

Don’t let a new job get in the way of buying your dream home. Even if you are a student newly graduated and out in the workforce, get yourself a job offer with guaranteed income and we’ll have something to work with for your home financing.

I’m always here to find solutions for your personal situation. Reach out any time to discuss your options with me! I’ve worked with many people in the mortgage industry over the years and know the best solutions to overcome things that might be standing in your way of buying a home.

Franklin Loan Center | NMLS 237653
Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, 4131316
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