When to Apply? -Clarification for 2 year on the job

Anonymous — Wed, 05 Sep 2018 18:51:11 GMT

Working down the list of prepping to apply for a mortgage. The first question I have is when we should or even when we will be able to. I have read lots and lots of the threads and posts here- but would like the experts here to weigh in as best as possible for our specific situation.

Currently looking to apply Feb./March 2019.

January 2015, I took a new job in a different field (previous time in prior job was 15 years). The job I started in 01/15 was full time salary- I worked remotely for a little over a year and then we re-located to a different city for that same job. I stayed in that position until October 2017. Took another position- same profession, same job position different company with bump in salary and opportunities for advancement in the future. This job is my current, FT salary job that I plan on having for the long term.

When we re-located for my new job, my husband left his job and then stayed home for a year with the kids to help with the move and transition to a new city and new school for our oldest and to care for our 1 year old. I also travelled a moderate amount for my job and we had no family or support system in the new city. After we survived the first year of transition he went back to work in June of 2017 full time.

To break it down more simply:

My employment Job #1- 01/2015- 10/2017 (prior to that 15 yrs. at same job)

Job #2- 11/2017- current

Husbands employment Job #1 - 03/2009-06/2016 (previous to that 7 yrs in the same job)

Job #2- 06/2017- current

Even though I have had 2 different jobs in the last 3 years- there is has been no interruption of time on the job and it has been in the same field - so I think this I okay? Based on these scenarios do we absolutely have to wait until June 2019 for him to hit the 2-year mark?

Will a few months before June 2019 before that be “close enough”? Does the lapse in his employment due to re-location for my job have any bearing?

Is there anything else missing or that I am not aware of with this situation?

Thanks in advance for any input or advice!

Re: When to Apply? -Clarification for 2 year on the job

JVille — Wed, 05 Sep 2018 19:40:44 GMT

Your job situation is fine. You will Each need to write a Brief but concise letter describing your employment picture.
The real important issue are your Mortgage Fico Scores and the type of loan you plan to apply for. Conventional, FHA, VA or ? And the size down payment you will have available.

Re: When to Apply? -Clarification for 2 year on the job

Anonymous — Thu, 06 Sep 2018 18:31:33 GMT

Thank you for the reply. Probably looking into FHA with 3.5% to 5% down. Not that far yet, just trying to go through the list of things to be prepared for. My FICO mortgage scores from here are 630, 623, 651, husband: 652, 631, 679.

Re: When to Apply? -Clarification for 2 year on the job

JVille — Thu, 06 Sep 2018 20:38:43 GMT

You need to work on your Fico Scores! Lenders will use the Lowest middle score. Don’t apply for anything or let anyone check your credit until it’s time to make application or get preapproved!
What is holding your scores down?

topic Re: When to Apply? -Clarification for 2 year on the job in Mortgage Loans

When to Apply? -Clarification for 2 year on the job

Re: When to Apply? -Clarification for 2 year on the job

Re: When to Apply? -Clarification for 2 year on the job

Re: When to Apply? -Clarification for 2 year on the job