At the present time i have been working two jobs, one for five years and the other for three. I usually work about eighty hours or more and i have not had good luck working a decent amount of hours due to companie cut backs. I have the oppertunity to recieve a better pay rate in other places but i just dont want to go ahead and leave both my jobs if is not posible to get financing before the two year work history a lender would ask for. So my question is since a person would need to have at least a two year work history with there employer to apply for a loan is it posible to put your two weeks in and quickly start another job and still get financing before the two year period? I really want to move ahead faster with saving all my money and purchasing my next property. Having a big family kind of puts me in that position also having the goels that have. Thank you to anyone who takes the time to read my question and for any feedback
yes it is possible. Usually a lender wants to See that you will be working in a similar line of work. if you do change jobs a lender will normally look at income from just the new job and will not consider a 2nd job since they normally want to see you have been working on both jobs for 2 years. Let me know if you have any additional questions
Can rental income be included if it only has been one year of a lease agreement?
@Ronnye L. , I think that totally depends on the lender. I keep hearing about the 2 year rule, but both lenders I've worked with have counted 75% of the rent as income. One of them even did it based on projected rent. I'm pretty sure that lender also just nets out the difference between rent and mortgage when calculating DTI ratios.
As long as you have been in the same industry you're going to be fine. But when you start the mortgage process don't leave any of your current jobs. Remember don't leave your job in the middle of a purchase or refinance.
You can count 75% of the rents from day one. the 2 year rule only applies to Freddie Mac products. Fannie Mae doesn't care about rental history.
I hope this helps and have a good one Sir.
It may be worth getting the mortgage and everything squared away before making any career/company changes. Most lenders won't care as long as you are in the same field. It also depends on the type of lender. I just changed jobs 2 months ago (in the same field). The small bank we use didn't care. I just closed on 2 rentals a week ago.
Thank you guys I greatly appreciate all the information.