Posted on: 20th Oct, 2011 12:27 am
Hello there… I will be applying for a mortgage within a few months. But I have a relatively short employment history – just 2 years. I have one personal loan of 8k with 3 years left and no other financial obligations. I make 57k a year and my score as of today is 713. The house I want is around 107k in price. Will I be able to get a mortgage with such a short employment history?
Two years is more than enough. Plus, if you were a student, in the military or various other situations prior to your employment.... the bank may allow slightly less than a two year work history. Just ask someone for a Mortgage Rate Quote and find out if you qualify.
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You should be fine. Provided your employment history shows a stable income during the period of employment your should be able to get your mortgage approved. Banks don't seem to be as comfortable lending to people with a commision based/fluctuating income as they do to someone with a steady regular paying job.