Lenders look at employment history when considering applicants for a mortgage. Two years’ history is the standard amount of time that lenders typically examine. But a tough job market and high unemployment rates during the past few years means a lot of people may be looking for loans without a recent steady work history.
The good news is that there are exemptions: If you weren’t steadily employed during the past two years, you may still be eligible for a loan. If you were in college, or switching fields, lenders understand this and do take this into account. Typically they will ask for transcripts or a diploma to prove you actually went to that college. This is good to keep in mind if, for example, someone left a Kollel less than two years ago and became a rebbe and now wants to use that income. If he was a student at a yeshiva which is an accredited college, and they provide tax transcripts, then it can fill the “two year gap.”
In order to use this exception a lender usually wants to see that the job you have now is in the same field as the degree you received, so if you went to college to become a speech therapist and now you are working as a mortgage processor it usually won’t work. Sometimes if you were being trained in that field for a few months prior to getting a paycheck they will accept a letter from the employer explaining that.
Eli Garfinkel of Funding Resources Mortgage Company is an experienced and reputable loan officer. Eli can be reached by phone or text at 732.278.6526 or via email [email protected] or in the office at 732.364.7373 ext 22. Please visit: themortgagedoc. blogspot.com
By Eli Garfinkel
