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Q: Can I get approved for a home loan or a mortgage loan for a new house if I have a new job? From a quick search on the web I see that many lenders of home loans are requiring two or more years of employment history, however I do not have that because I was in school for the past few years, have recently graduated, and have a new job secured.

A: Depending on the circumstances it may be possible for homebuyers to become approved for a home loan if they have a new job. Most home loan lenders have income verification requirements in place as a means to help them determine the risks associated with lending to a potential homebuyer. Proof of employment for an extended period of time, helps to let the home loan lender know that an individual is financially capable of making their mortgage payments, and therefore is likely a “good risk” to the lender.

While typically some proof of employment history will be required for the average potential homebuyer, there are always exceptions depending on individual circumstances and the lender you are working with. For example, some home loan lenders will make exceptions for those in the medical profession, such as recent med school graduates. Some lenders also may be willing to work with individuals who are transitioning to a newer, higher paying job in a related field that they have had long-term previous employment in, or individuals who have recently graduated from school with a more advanced degree in a similar or same field they had previous employment in, and have proof of their new employment.

Not every lender will allow potential homebuyers to use their new job income to qualify for a home loan, so it is important to find and consult with one or two lenders that are willing to allow this. Some lenders may require a letter from your new employer for written verification of employment, and some lenders may also require whatever pay stubs the individual currently has from their new job (if they have already started to work). Once you find a lender who is willing to work with you on your new employment status, they will be able to answer specific questions, and provide you with the qualification requirements you will need for the pre-approval.

Thanks for stopping by the RentRodger.com Home Loans And Financing Blog. We provide answers to home loan and financing questions to help current renters become homeowners, and to help current homeowners save money!
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