Buying a Home

Work History and Mortgages

Dan Hubrich is back this week to explain the roll of your work history when getting a home mortgage.

This month I’d like to talk about the minimum job time requirements needed to qualify for a mortgage. The basic rule is that you need to have a consistent two year work history. It doesn’t have to be at the same job or even in the same industry if you are a W-2 employee. Full time schooling is also an acceptable form of work history assuming you are now working in the same field that you studied in school. It’s also ok to have a job gap of up to 6 months in that two year period. If you have a gap of longer than 6 months then an exception from underwriting would be required (medical leave, family emergencies, etc.). If you are self-employed or a 1099 contract employee then a full two year work history with no gaps is required. If you are a commissioned W-2 employee, then a two year work history is still required but we only have to document the most recent one year of commission income. Please reach out to me with any additional questions.