Can you be approved for a mortgage with only 1 year work history?

Question

My question is can you receive a mortgage with only 1 year of work history?

Here’s my short story... I am 24 years old and took a year to study for my current career through a non accredited school. Before that I had a few jobs here and there but I mostly worked in construction for cash. Now Ive been full time as a software engineer for about 1 year now and I’m looking to purchase a multi family in Massachusetts. I was looking to get an FHA loan and previous read that Frannie and Freddie don’t actually require 2 years of work history but they “Recommend” it. Either way I’m just wondering if there’s any way with 1 year of work history if I can be approved for a mortgage? I would prefer not to co-sign with someone, BUT if that’s the only way, would that make it so I could be approved?? Any information/ advice would be greatly appreciated and thank you in advance.

Jayson Di Pietro · Answer

Thank you all for the responses. I reached out to a couple lenders and they said because I'm a salaried employee that they are willing to work with me.

Avery Heilbron · Answer

@Jayson Di Pietro You're all good since you were in school. I bought two properties prior to 2 years work experience. However, FHA did just change there guidelines that only 25% of the other units rents can go towards your pre-approval as opposed to the prior 75% - something to watch out for.

Connor Dahl · Answer

@Jayson Di Pietro

Hey Jason,

I work with Fannie and Freddie directly and would be happy to take a second look at the underwriting you do with any deals you might be interested in.

I also live in Boston, and am getting close to closing on my first investment property (also through FHA)

Elise Marquette · Answer

Yes, since you went to school for it, that will count as two years in the industry. FHA mortgages tend to be more lenient on the employment requirements. I'm assuming you're working full time?

Harjeet Bhatti · Answer

@Jayson Di Pietro You will be fine with 1 year history. You were studying for 1 year in college.