Many clients ask me if they have a new job, can they qualify for a new home?
The clear answer is yes and no....;)
Yes: If you have a full 2 year work history with minimal gaps. So, if you were working at your previous employment for lets say 1 year and 10 months and you are at your current employment for 2 months, then that will equal the 2 year employment.
Let's say you have 5 years on your previous employment @ $15 per hour and only 1 week for your current employment @ $20 per hour....the answer is yes you can use the current income for your employment to qualify.
Other exceptions is if you were attending college of a technical college for 2 years, and now found a job for about 30 days, then you would qualify with your new employment, since you were in school for 2 years.
No: If you started your employment but do not have a 2 year history with any employer.
These scenarios are for employees and not self-employed borrowers. That will be discussed on our next blog. Stay tuned!
If you still have questions, please call us, and we can advise you on how to proceed.
Thank you! :)