What are the employment requirements for home loans in 2011?



What are the employment requirements for home loans in 2011?

As a result of these changes, the employment requirements for home loans are much stricter in 2011 than they were a few years ago. In a nutshell: To qualify for a conventional mortgage loan, you will probably be required to have at least two years of continuous employment history.

How long do you have to be employed to get a mortgage?

You must document your employment for at least the last two years. There’s that magic number again — two years. This is usually the employment requirement for a conforming mortgage loan. You must have continuous employment for at least two years. Granted, there are exceptions to every rule.

What are the mortgage requirements for employment history?

I mentioned earlier that there are exceptions to most mortgage requirements. This applies to employment histories as well. Lenders prefer to see a continuous history of employment for at least two years. If you have any gaps in your history, it could hurt your chances of getting approved for a loan.

What are the requirements for an FHA loan?

FHA mortgage employment rules FHA is more lenient about work history. FHA loan guidelines state that previous history in the current position is not required. However, the lender must document two years of previous employment, schooling, or military service, and explain any gaps.