A gap in employment can be a tough thing to explain, especially on a mortgage application. If you’re going to depend on a lender to help you buy a home, your employment history is one of the most.
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Can You Get a VA Loan With Less Than Two Years of Steady Employment? Stable, reliable income is a requirement for a VA loan, but that doesn’t always translate into two-years of steady employment – especially when transitioning from service.
A minimum history of two years of employment income is recommended. However, income that has been received for a shorter period of time may be considered as acceptable income, as long as the borrower’s employment profile demonstrates that there are positive factors to reasonably offset the shorter income history.
You will need to document two years’ history of commission or bonus income before it can be used to qualify for a home loan. In what other ways do job history and pay structure affect mortgage eligibility? A lender’s main responsibility when lending money is making sure the Borrower has the ability to repay. A large part of this process is verifying job and income stability.
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Rather than filling out a paper list of all of your banking, investment, life insurance, mortgage, and retirement account.
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employment history. In some instances, less than two years of history may be acceptable when the applicant provides, and the loan originator documents sound justification. For example, an applicant whose compensation changed from hourly to salary income with the same employer in a similar job/position may be considered to have dependable and
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Keep in mind, though, you should be able to prove a 2-year work history prior to the employment gap. Let’s say that you had a baby and took a year off work. Before you took that time off, if you held a job for at least 2 years, it will suffice. Once you are back at work for 6 months, you can show the lender that you are back at it.