One of the questions that we get a lot here at MortgageBanc is “How long do I need to be at my job before I can qualify for a loan?” This is usually from young people who don’t yet have a full-time job. There’s no cookie cutter answer, because it really depends on what you were doing before your first job, and also how they are going to pay you.
The First Job
I will tell you this — oftentimes we’ll talk with people recently out of college and starting their first job, and we can usually get them approved for a mortgage on day one. There’s no waiting period because the time in school counts the same as employment history.
Someone may change jobs and it changes their rate of pay. As a general rule of thumb, we can only count salary and hourly pay — the guaranteed types of incomes. If you’re paid bonuses, commissions, and things of that nature, it’s hard to include them unless you’ve received them for two years. It doesn’t mean we can’t get you a mortgage. It might just mean we can only count your base salary. So job changes don’t have to be a big deal.
If you’re changing careers completely, it still may not be a big deal. It really depends on what your function is. And are you guaranteed money? If you have salary or hourly wages, w-2 earnings, perhaps we don’t have to wait at all.
The best thing to do is to call us. We can talk it out. Visit our website and apply online. You can also connect with us through social media. Then again, nothing ever replaces a phone call. So feel free to call myself or anybody on my team here at (205) 986–4220.
Have a great day,
Certified Mortgage Planner
MortgageBanc / Fairway Nmls# 2289
Fairway Independent Mortgage Corporation is not a credit counseling agency and will not provide credit advice. Please consult a professional regarding your specific credit situation.
Copyright©2019 Fairway Independent Mortgage Corporation doing business as MortgageBanc. NMLS#2289.4750 S. Biltmore Lane, Madison, WI 53718, 1–866–912–4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367. Licensed by the Department of Business Oversight under the California Finance Lenders Law, NMLS #2289. Loans made or arranged pursuant to a California Residential Mortgage Lending Act License. Georgia Residential Mortgage Licensee #21158. Licensed Nevada Mortgage Lender.