KNOWLEDGE CENTER

Most lenders will want to see an employment history covering 2 years in order to show sustainable income. There are exceptions to this; Recent college graduates who apply for home financing after they complete schooling can use the time of their schooling to cover employment history.

Steady employment history will generally get you better rates and terms. However, you will likely still be able to get a loan if your history is short, particularly if there are good reasons for the short history.

While many lenders require a two year employment history, there are some that require only one. Also, there are lenders with special programs for new hospital, education and law enforcement employees that do not require employment history.

If your credit scores are high enough you can also do a no doc loan. No doc loans do not require employment or income to be proved by the borrower and may be the easiest way for you to secure home financing.

Many lenders will not hold it against you if you have only been at your current employer for a short period of time, but can show an stable employment history. This is especially true if you have been in your current career for many years. Your mortgage professional will be to advise you what programs are available to you, based on your current situation.

If you have changed jobs one or more times in the last 2 years, the lender will want to see that you are performing similar work and that your income is stable or increasing with each job change.

Provided your credit scores are high enough, you may qualify for a no doc loan, which steers arround any issues you may have with a poor employment history.

If you are a Union employee, it is readily accepted that you will switch employers frequently.

Banks offering loan programs that do not require disclosure of employment information often charge higher interest rates.

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