3 Responses to “How Important Is Employment History When Getting A Home Loan?”

1. 

   ibu guru December 5th, 2009 at 4:21 am

   You generally need at least 3 years track record on the job. You’ll also need 20% down, all closing costs, and 3 – 6 months of reserves, credit scores of 700 or better, 3 years tax returns, etc.
   FHA supposedly only requires a minimum of 3.5% down, but we aren’t seeing anything actually get funded by closing date without at least 20% down. There seems to be an inordinate incidence of “last-minute hitches” with anything less than 20% down. But then FHA is broke.
   Start saving. And don’t even think about buying property with an unrelated party. If you & fiance actually marry, and have the down payment, etc, saved up, then go ahead.

2. 

   OldJimmy December 5th, 2009 at 10:17 am

   Ditto with the other answer about not buying until you are married. Never a good idea to buy a home with someone who can pretty much just pick up and leave. Until you say “I do”, just “don’t”.
   Next, why the rush to own a home? You are just starting a career, and your fiance has essentially just begun a new one too. What if tje jobs don’t work out? What if either of you work for a short time and some fantastic opportunity appears in another city? You are stuck with a home to sell in a sluggish (to put it optimistically) market.
   Let your employment stabilize, live below your means for a while, and accumulate as much cash as you can. You will be better situated to make a good down payment, pay closing costs, and have a reassuring emergency fund. And home prices will be right about where they are now; even in a recovery real estate is slow to react and generally lags behind the curve.

3. 

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