any lenders that don't require 6 months on the job?

[Anonymous]

anyone know of any lenders that do not require 6 months on the job? years ago, i know there were programs for teachers specifically that it could be their first day and they could approve them. 

[me12345]

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NCSouthernBelle wrote:

anyone know of any lenders that do not require 6 months on the job? years ago, i know there were programs for teachers specifically that it could be their first day and they could approve them.

The only way that this would work now is if you have just finished school,  and then started a job in the field of study, you would need no work history at all. 

Thanks, 

[Anonymous]

I found one lender the other day that said they can count my schooling. Another said no, that I had to be on the job 6 months. 

[NC_Mtg_Loaner]

If you have college transcripts showing proof that your field of study is in education than this time in school will count as employment history.   Your chances of not needing 6 months on current job are great if you are freshly out of college/completion of education and do not have frequent changes of employment or large gaps between employment.   

The concept of "stability of income" is the topic of concern here with respect to the FHA guidelines in the HUD handbook and lenders may very well have different overlays when it comes to your personal situation, so it's best to have your two year history of employment evaluated by a Loan Officer whose well versed in FHA regs or works for a Delegated Endorsement lender. 

(edited to add that a DE lenders have the ability to sell loans directly to the Govt. sponsored agency insuring the loan they are Underwriting.  I.E. HUD for FHA loans, FNMA or FHLMC for conventional loans)

[kjade1030]

Agree with above posters...if you just got out of school (up to 60 day job gap should be ok) you should be good to go.  Anything else like savings, high credit score, etc will help your case as well.  Schooling basically counts as job history if you are in the same field.

[Anonymous]

No I havent worked in 4 years... My husband was the breadwinner. I went from graduating with my Masters, to working on my doctorate. I am in the final dissertation stage now of my Doctorate.  However I accepted a position out of state, so we need to purchase a home quickly. I will be living in a hotel until I can. I spoke with one lender that was willing to accept my schooling and education, and not make me wait 6 months. Then I found another one that is the preferred lender of my realtor that is willing also. But I havent let either of them pull my credit yet, because I am paying off the handful of small debts on my report to increase my score. We are trying to figure out if we are better served just using my new income by myself with a FHA and down payment or using my husbands VA loan again, but the numbers are going to have to be worked, due to his debt ratio. I have tried using several different calculators online, but Im still not sure which is more accurate, because theres a huge difference in them. If some of you that are lenders/mortgage have time to answer a few questions I have privately that would be great. They are specific to our needs but should be basic questions, that have a straightforward answer. 

[VALoanMaster]

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@Anonymous wrote:

No I havent worked in 4 years... My husband was the breadwinner. I went from graduating with my Masters, to working on my doctorate. I am in the final dissertation stage now of my Doctorate.  However I accepted a position out of state, so we need to purchase a home quickly. I will be living in a hotel until I can. I spoke with one lender that was willing to accept my schooling and education, and not make me wait 6 months. Then I found another one that is the preferred lender of my realtor that is willing also. But I havent let either of them pull my credit yet, because I am paying off the handful of small debts on my report to increase my score. We are trying to figure out if we are better served just using my new income by myself with a FHA and down payment or using my husbands VA loan again, but the numbers are going to have to be worked, due to his debt ratio. I have tried using several different calculators online, but Im still not sure which is more accurate, because theres a huge difference in them. If some of you that are lenders/mortgage have time to answer a few questions I have privately that would be great. They are specific to our needs but should be basic questions, that have a straightforward answer. 

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Hi NCSouthernBelle,

VA is always the best option available for several reasons.

1) VA allows higher debt to income ratios.

2) VA doesn't require mortgage insurance where FHA does & it's for the life of the loan unless you put 10% or more down.

@Anonymous FHA  MI on a $275,000 loan would be $194.79 per month. On the flip side you could go up to $315,000 on VA loan & have the same payment as the FHA loan @ 275K.

3) VA is better with student loans: If the loans are deferred for at least 12 months from the date of closing, we don't have to count a payment. FHA requires lenders to factor a payment based on 1% of the student loan balances. VA will allow lenders to use an IBR payment while FHA does not.

4) VA doesn't require a down payment.

5) VA is less restrictive when it comes to credit issues.

I sent you a PM if you would like me to answer any questions privately.