April 19, 2024
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April 19, 2024
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Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

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

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