2 year job history rule

[Michael Gee]

Hello all,

I recently just started a new job and I am currently renting. We would like to start looking to buy a house within the next year so my question is, will I be approved for a loan even if I don't meet the 2 year job requirement? Are there lenders who approve on one year history? I plan on getting a VA loan but I am still on the fence about using VA or FHA. Willing to hear some good advice. Thanks in advance!

Mike

[Harjeet Bhatti]

Fannie Mae guidelines below for 2 year employment history:-

A minimum history of two years of employment income is recommended. However, income that has been received for a shorter period of time may be considered as acceptable income, as long as the borrower’s employment profile demonstrates that there are positive factors to reasonably offset the shorter income history.