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work history and mortage....

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dashpt
Frequent Contributor

work history and mortage....

Hello everyone, I want to know would a mortage application be declined if the work history is not exactly 2 years? I plan on buying next year and is getting things sorted out but because my income isnt that high I would need to combine my husband's income with mine....he on the other hand wouldnt have a full two years on his job....maybe 4 months away from two years.....if everything is is ok...that is credit, debt and downpayment would we still get approved together? thanks in advance.

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Anonymous
Not applicable

Re: work history and mortage....

Has he been working for two years but just changed jobs within that two years or what? What are the exact details? If he has been working for 2 years but changed jobs within the same industry, you should be fine. If he was employed, then say unemployed for some time, then employed again, I believe that is okay as well. Shane or Dallas would probably be able to give you a better answer.

Message 2 of 7
mynameainttracy
Established Contributor

Re: work history and mortage....

I worked uninterrupted for 19 years, took 1 year off when my husband wanted to relocate to PA and then I have been in a job for 1 year since. Wells Fargo will not include my income because I have not been working for 2 years, but they did include my debt in the application, go figure.

 

Message 3 of 7
dashpt
Frequent Contributor

Re: work history and mortage....


@Anonymous wrote:

Has he been working for two years but just changed jobs within that two years or what? What are the exact details? If he has been working for 2 years but changed jobs within the same industry, you should be fine. If he was employed, then say unemployed for some time, then employed again, I believe that is okay as well. Shane or Dallas would probably be able to give you a better answer.


No he was living and working outside of the US he's only been working in the US about a year now, but the time frame i'm looking at to buy he will be working about 18 months in the US.

Cap one secured=200 closed
Cap One unsecured10,000
Wellsfargo1500
Walmart5000
Victoria'ssecrets1850, citicard 6500TU=735,Ex=723,Eq=734
Message 4 of 7
sarahcatherinemay
Regular Contributor

Re: work history and mortage....


@mynameainttracy wrote:

I worked uninterrupted for 19 years, took 1 year off when my husband wanted to relocate to PA and then I have been in a job for 1 year since. Wells Fargo will not include my income because I have not been working for 2 years, but they did include my debt in the application, go figure.

 


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Message 5 of 7
RhubarbPie
New Contributor

Re: work history and mortage....

My husband has only been working for about a year (just graduated a year ago) and I have only been working full time for the past year as well (I was working part time before that). We were approved without any problems - we have high scores (760+) and a very low DTI ratio so Im sure that helped. Our lender wanted an employment verification form from our employers but that was really it.

Message 6 of 7
ShanetheMortgageMan
Super Contributor

Re: work history and mortage....


@dashpt wrote:

@Anonymous wrote:

Has he been working for two years but just changed jobs within that two years or what? What are the exact details? If he has been working for 2 years but changed jobs within the same industry, you should be fine. If he was employed, then say unemployed for some time, then employed again, I believe that is okay as well. Shane or Dallas would probably be able to give you a better answer.


No he was living and working outside of the US he's only been working in the US about a year now, but the time frame i'm looking at to buy he will be working about 18 months in the US.


Would his employer outside of the U.S. be able to verify his previous employment history?  If so, then you'd have 2 years.  Even if they aren't able to verify, then 18 months can work out, but it'd be up to underwriter's discretion.

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