Time in the Job requirement

needhome · ‎02-20-2009

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

Message Edited by needhome on 02-22-2009 02:51 PM

Message Edited by needhome on 02-22-2009 02:52 PM

needhome · ‎02-21-2009

Need somebody to help please

needhome · ‎02-22-2009

Trying to get some answer please

SanDiegoEngineer · ‎02-22-2009

@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.

Message Edited by SanDiegoEngineer on 02-22-2009 05:19 PM

Anonymous · ‎02-22-2009

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.

Anonymous · ‎02-23-2009

Its my understanding that school can be used in place of job history. I've been at my job for less than a year, and I had a 6 month gap in my job history where I only went to school and didnt work, and was in a different field previously. But since I was in school, I was told that was fine. I would check with your mortgage broker to get specific information about your situation.

Message Edited by kris081 on 02-23-2009 12:25 PM

Anonymous · ‎02-23-2009

Are you still working on your Master's? I'm just guessing, but I would think an underwriter would be a lot more accepting if you could show you are still working on your Master's, just also went back to work.