Ive just started a new job, and we are trying to buy a house. How much of a role does my job history play in getting a mortgage?
Most mortgages require the verification of a two-year work history—but the two years do not have to be with the same employer. Length of employment is only one of the factors at play when trying to qualify for a mortgage. More important is your type of compensation. Are you salaried, hourly, commissioned or self-employed? If you are newly self-employed or have taken a commission-only job for the first time, it will be much harder for you to qualify for a mortgage. In both of these cases, we would typically base your income off a two-year average of your net income as reported on your federal tax return. If you are an hourly or salaried employee, a pay stub, W-2 and verbal verification of employment are all that will be normally required. A newly employed graduate does not even have to have a two-year work history, because their time in school will count as prior work history. The main thing an underwriter will look for is the stability and likely continuance of your income.
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