2 Year Work History

[Anonymous]

We've retired but spouse went back to work 3 months ago and makes a decent income.  Tried to get a mortgage loan and was denied due to dti and they would not use his current work income because he has to been working 2 years or more.  Do all loans require a 2 year work income?

[StartingOver10]

Is this a different industry than what your spouse worked in before?  Not a different job, a different industry. That is where the two year requirement comes into play. 

[me12345]

Even if he went back to work in the same line of work, how long was the "Gap" between jobs for? If it was longer then 6 month OR if his pay is Commission based, and is it full time or Part-Time work? these are all variables that come into play when calculating "Allowable" income.

Thanks,

[kc0039]

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@Anonymous wrote:

We've retired but spouse went back to work 3 months ago and makes a decent income.  Tried to get a mortgage loan and was denied due to dti and they would not use his current work income because he has to been working 2 years or more.  Do all loans require a 2 year work income?

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What kind of loan? If you've been out of work for 6 months or more, then you'd need to be working for 6 months at the same job IF you meet the following:

1. He gets paid salary

• If he doesn't get paid salary and only gets paid commission or 25% or more of his wage is commission, we need 2 year work history

2. IF the loan goes to Freddie Mac or FHA

If the loan goes to Fannie Mae, Desktop Underwriter (DU) is the one that will make the decision