Can I qualify for a mortgage with less than 2 years employment?

8 Replies

Hello, I'd really like to purchase a duplex soon. I just started speaking with lenders. I am nervous to apply. I am a first time buyer. I do not have 2 years at my current position. I've been doing leasing with a pm company for 6 months now. Before that I was with keller Williams (not making much) for about 6 months and a photography assistant for extra cash. I took time off to have my son in 2017. And put my self through college with sales jobs. Real estate and investing has always been my goal. I'm eager to get started im just not sure my history is enough. Should I wait? If I put more money down does it matter? Any lenders with advice?
Originally posted by @Tinley Jones :
Hello,

I'd really like to purchase a duplex soon. I just started speaking with lenders. I am nervous to apply. I am a first time buyer. I do not have 2 years at my current position. I've been doing leasing with a pm company for 6 months now. Before that I was with keller Williams (not making much) for about 6 months and a photography assistant for extra cash. I took time off to have my son in 2017. And put my self through college with sales jobs.

Real estate and investing has always been my goal. I'm eager to get started im just not sure my history is enough. Should I wait? If I put more money down does it matter?

Any lenders with advice?

 It depends. What is your comp plan with the PM company? 

We were able to get a conventional mortgage for a single family home with less than 1 year of work experience right out of grad school. Underwriting was kind of a pain but they looked at our bank account, credit history and pay stubs and were able to get it done. The big lenders like Quicken wouldn't talk to us but we used a local broker recommended by our realtor, and they flipped it to Chase almost immediately. 

Originally posted by @Tinley Jones :
@Chris Mason I make hourly and commission.

 Assuming you consistently work 40 hours/week, you're probably looking at qualifying based just on that.

I was able to get approved with 6 months of work history after graduating college. I would say it’s going to depend on your credit. A few thoughts: 1. Maternity leave/child birth may be an allowable gap in income. 2. They don’t care about cash made on the side - it’s all about tax documents. 3. They like to see “increased earning” or growth, sounds like you currently have this so it should work in your favor. I personally would go to a mortgage broker with the situation you mentioned. Talk to them on the phone, some work harder than others. Meaning some will say no and other will want to find a way to get you in the property. You want a problem solver who will work for you. Good luck!

FHA is going to be the most flexible in terms of the time on the job and in the industry. I would talk with a broker in your area about that loan program.