My fiance and I will be hopefully starting the mortgage process in about 6 months and I was wondering what the general employment criteria is... My fiance started a new job this week due to layoffs from previous job (no unemployement break at all) so by the time we start looking he will be at that job about 6 months. I have been working in the same position for almost 3 1/2 years BUT the company I worked for (3 years) outsourced my job to another company who picked me up in Feb. 2002. So although I've been doing the same job in the same building, technically I work for another company and by the time we start looking I will have been doing the same job for 4 years but being paid by a new company for only about 10 months. How does a mortgage lender look at these types of situations? How important is length of employment? Fiance's score (see..related to credit..LOL) are: TU=802, EX=667, EQ=734 My scores are below... We will be putting down about 5%. Anyone? TIA!
As long as you are in the same type of work, then there shouldn't be a problem concerning work. What lenders want to see is at least 2 years in the same type of work. They will want to see your w-2s for the past 2 years and pay stubs for the past 30 days when you apply. With your scores, you could apply and get 100% mortgages, as long as your income isn't to high. fla-tan
Thanks alot fla-tan! I was kinda worried about the job situations because I've heard so many differnt things. Hopefully my scores will be a little higher in 6 months too!! Thanks again!
