Length of employment?

[badcredithelp]

My boyfriend and I would like to buy a house sometime in the summer of '09, but I am wondering about his employment history.  He worked part time at the same employer for four years but quit his job in October and is currently looking for a full time position.  When he finds a new job, how long will he have to work there before we can apply for a mortgage?  

[ShanetheMortgageMan]

If it's the same line of work & full time, only until he gets a paycheck stub.

Message Edited by ShanetheMortgageMan on 11-16-2008 01:09 PM

[badcredithelp]

What if it isn't in the same line of work? 

[Anonymous]

I beleive it is 12 months although they make exceptions for people coming out of school and going directly into the field they were studying.

From what I understand it is one factor.  If the rest of the file is strong (fico, credit history length, dwon payment, and reserves) they can at times overlook this.

[ShanetheMortgageMan]

---

@badcredithelp wrote:
What if it isn't in the same line of work? 

---

What's the full situation?  There aren't any black & white guidelines as far as switching careers, most of the time it is fine though, just depends on the situation.

[badcredithelp]

The full situation is that he left his part time job in October because he needs to find a full time job that offers health/retirement benefits.  He was working part time at a convenience store while he was in school, but now he has decided to take some time off from school because he doesn't like the program that he was doing, but I'm not sure when/if he'll decide to go back.  Most likely his new job will not be in the customer service area; I think he is looking more into manufacturing positions.

[ShanetheMortgageMan]

Well that isn't as straightforward as most underwriters would like.  Part-time & in school to not guaduating & full time.  Is he going to school for manufacturing or was the study in something else?   Also, like mickie pointed out, a lot will have to do with the other aspects of his situation - credit, debt to income ratio, down payment, etc.  The best answer you can get here will be if it has a good chance of working or not, but only an underwriter would be able to without-a-doubt approve the employment situation.

[Anonymous]

Hi Shane, i would loke to have a follow up question to this... my husband has been working as lab technician/pharmacy technician (he cerified PhT)  for at least 8 years as a contractor, sometimes for a 1 year, sometimes less. After his last employment he couldn't find a job for eight months due to the economy. So since he has family to support even if I am working he decided to accept whatever comes his way and this is to work as a cashier at Walmart (I think they are the only one hiring at this time ) earning less than he use to be ( from $40k/yr to 20K/yr) but as he is saying better than nothing. He's been working for 6 months now. Can I put include him on the application? Your input is greatly appreciated.