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I have been in this job for 8 years till 2006 when I started a Masters (for 2 years) and didn't complete it because I landed in a job 9 mo ago (same field but different company)
Will that be a problem ?
As lenders needs 2 yrs in the job
thanks
@needhome wrote:I have been in this job for 8 years till 2006 when I started a Masters (for 2 years) and didn't complete it because I landed in a job 9 mo ago (same field but different company)
Will that be a problem ?As lenders needs 2 yrs in the job
thanks
Same field is fine. The banks just want a verifiable employment history so they know you can afford to pay them back.
Edited: whups, missed the college for 15 months part of that. Yeah, the underwriter may give this a pass, since you are still in the same area, but it's much more questionable without going straight from one job to the next. Typically they only allow 60-90 days between employers to consider the employment "constant".
That being said, if you have had 8 years in the same field, it seems quite possible for the underwriter to "ok" it.
Only the underwriter is going to be able to answer this. It depends upon the strength of your whole file. Typically they want to see 2 years of employment. Being off work for 15 months of the last 24 does not particularly look that great same field or not. Also, if you had finished the degree and moved back into the line of work it would look alot better than you starting a degree adn then deciding to go back to work.
My best guess is that if your credit is good, living situation has been stable, your bills have all been paid ont ime, and your DTI/Down payment/reserves are all at least adequate you will be fine. It is like a scale with the good points weighing against any questionable factors. The lack of continuous employment is a negative factor but as long as the rest of the file weighs out you should be OK. Again, only by actually getting the file in front of an underwriter will you know for sure though.