Employment Length Requirement?

[clumsycajun]

I know most lenders is 2 years with an employer but if you start a new job in the same industry does that count towards the two years?

[Brian B The Loan Professor]

so long as you have two years in the same line of work you should be fine.

B

[luckydriver]

why wont banks consider a new and improved line of work for less than 2 years/

my friend worked in insurance..got laid off, worked at a real estate place for a few months then got a job with the state in some type of clerk job. the pay is better than before and most state workers in PA have no worries about layoffs

 

yet i'm sure if she went to get a mortgage they wouldnt care that the state is stable employment and she makes more money than ever

 

why is this

[clumsycajun]

I guess it shows stability but it's just a guideline. I think if the rest of her file looked really good, an UW might be willing to consider it. Not positive on that though.

[luckydriver]

oh her file is crap lol but the employemnt i told her is a non starter and she cant even start to look regardless beause of the work stuff

[futurehomeowner?]

why wont banks consider a new and improved line of work for less than 2 years/

 

my friend worked in insurance..got laid off, worked at a real estate place for a few months then got a job with the state in some type of clerk job. the pay is better than before and most state workers in PA have no worries about layoffs

 

yet i'm sure if she went to get a mortgage they wouldnt care that the state is stable employment and she makes more money than ever

 

why is this

except when they don't have a budget and they lay off everyone until its signed. But other than that I guess its completely stable.

[jst300z]

then got a job with the state in some type of clerk job

 

She has to get past the first 6 month probationary period too.

 

<------DOT employee

[mariuszh]

 

why wont banks consider a new and improved line of work for less than 2 years/

 

my friend worked in insurance..got laid off, worked at a real estate place for a few months then got a job with the state in some type of clerk job. the pay is better than before and most state workers in PA have no worries about layoffs

 

yet i'm sure if she went to get a mortgage they wouldnt care that the state is stable employment and she makes more money than ever

 

why is this

except when they don't have a budget and they lay off everyone until its signed. But other than that I guess its completely stable.

 

You mean the annual PA state employee unpaid vacation in July?

[luckydriver]

um rendell is gone so no worries about budgets anymore

 

and she went from temp to perm a few month ago and is almost thru her next 6 months. i find it ironic that they count 6 months temp as the waiting period to cover kids, but wont give her AWS until after 6 more months. very weird