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employment history for mortgage

Hi,

I will be on six months of employment when I apply for the mortgage. This is my first job. Will it be sufficient to get a mortgage loan?

tfl

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what is first lien,amortisation and collateral?

Like | Dislike | Share | Posted: Mon, 06/11/2007 - 06:27 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I agree with Bill, 6 months employment history is not enough to convince a lender. But all is not depended on employment history. If you have good credit score many lenders may be willing to give you loan. Its important for you to shop around well.

Thanks,
Jerry

Like | Dislike | Share | Posted: Wed, 04/12/2006 - 19:18 | Post subject:

Bill's picture
Bill | Joined: March 21, 2006 03:20 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

TFL,

Two years stable employment is the general minimum required for full-document mortgage financing.

6 months on your "first job" is generally not enough time to allow for mortgage financing ... unless this employment is post-college where you gained the employment as a result of your recently acquired college education.

Of course there are mortgage loan programs that don't even require proof of employment if your credit is good enough and you have a substantial down-payment ... so the best way to get a qualified answer to your question is to make application with a reputable/recommended mortgage broker with experience in lending to people with similar situations as your own.

Best of Luck!

Like | Dislike | Share | Posted: Wed, 04/12/2006 - 15:29

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

TFL,

Most lenders would like to see you working for 2 years with the same employer or at least in the same field.

The reason is that more stable is your income, more stable is your ability to repay. This reduces the risk of the lender. Lenders will also verify your income through W-2 statements or tax returns for the past two years.

So, may be you need to wait for the time being. You can keep maintaining your score during the period. Check with different lenders to see somebody agrees to grant in your favor.

Blue

Like | Dislike | Share | Posted: Tue, 04/11/2006 - 17:00

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

A lot of other factors like your credit scores are considered to approve you for a loan. Also they will check if there is any negative mark on your credit report.

In general the lenders prefer to see 2 years of employment history in the same field for their borrowers.

Like | Dislike | Share | Posted: Tue, 04/11/2006 - 16:52

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

With other factors satisfactory, some lenders may not ask for your job history.

Like | Dislike | Share | Posted: Tue, 04/11/2006 - 16:47

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Asif,

Welcome to Mortgagefit discussion board.

When you take a mortgage a lien is recorded in property records and until the mortgage is paid off this lien remains on the property. If the house is sold the holder of first lien is entitled to receive payment and only after his lien is satisfied any other lien holders get paid out of the proceeds. Learn more...

Collateral is the assets (your house) which is used to secure the mortgage. It is an assurance for the mortgage company that they will be able to recover their dues by selling the house if you were to default on payments. Learn more...

Amortization is the periodic payment amount calculated which will result in full pay off at the end of a fixed period of time including all accumulated interest on the mortgage. Basically a loan repayment plan or schedule. Learn more...

Do let me know if you have any other questions.

Thanks
Blue

Like | Dislike | Share | Posted: Mon, 06/11/2007 - 15:33 | Post subject:

ezmortgageloanz's picture
ezmortgageloanz | Joined: April 6, 2007 10:25 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As other posters have alluded to, the majority of conventional lenders would require 2 years employment for consideration.

That being said, you would be ruled out for FIVA, FISA, SIVA & SISA, 6 & 12 month bankstatement and other similar low doc loan programs.

Despite this obstacle, this by no means rules you out of homeownership---you could consider a NINA loan program (one that doesn't require disclosure or verification of income/assets/employment)...

With a mid FICO => 700 and 10% down, you could potentially qualify for a 90% Alt A NINA program...

Regards,

Scott Miller

Like | Dislike | Share | Posted: Wed, 06/13/2007 - 01:10 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey scott, fifa and fisa?? what loans are these?does one need special criteria to qualify for these. Any info would be great.

Like | Dislike | Share | Posted: Wed, 06/13/2007 - 04:21 | Post subject:

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you are coming out of college or re-entering the workforce after taking time off for having a baby etc........FHA is a viable option.

Like | Dislike | Share | Posted: Wed, 06/13/2007 - 06:41 | Post subject:

ezmortgageloanz's picture
ezmortgageloanz | Joined: April 6, 2007 10:25 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

FIFA and FISA are acronyms for certain documentation requirements---FIFA stands for "full income/full assets" otherwise known as FULL DOC and FISA stands for "full income/stated assets".

I would need to know much more in order to determine eligibility/qualification.

Regards,

Scott Miller

Like | Dislike | Share | Posted: Wed, 06/13/2007 - 16:26 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

kalvesmaki

would fha be better than fifa and fisa?

Like | Dislike | Share | Posted: Thu, 06/14/2007 - 00:25 | Post subject:

ezmortgageloanz's picture
ezmortgageloanz | Joined: April 6, 2007 10:25 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Guest,

FIFA & FISA are loan documentation requirement types not loan types...

FHA would be a great program, but employment guidelines are similar to conventional (2 years)---however manual underwriting and compensating factors] allows for some 'wiggle' room in this area.

With only 6 months on the job and no prior work history, compensating factors would need to be compelling at best.

Regards,

Scott Miller

Like | Dislike | Share | Posted: Thu, 06/14/2007 - 00:36 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what can be taken as compensating factor scott?

Like | Dislike | Share | Posted: Thu, 06/14/2007 - 17:20 | Post subject:

miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Normally you can call it some kind of positive being used to offset a negative point in your mortgage qualifying.

Lets for example, a buyer is short on qualifying for $1300 monthly payment that will be required on the mortgage.

But the buyer has been making timely rent payments of the same amount for say past 2 years, it can be considered by lender that buyer is capable of making the mortgage payments and qualify the buyer.

Miller

Like | Dislike | Share | Posted: Thu, 06/14/2007 - 17:25 | Post subject:

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