Clifton Saunders Mortgage Team: How your employment history affects your loan prospects

Clifton Saunders Mortgage Team: How your employment history affects your loan prospects. Buying House With New Job Mortgage Guidelines

Clifton Saunders Mortgage Team: How your employment history affects your loan prospects video duration 5 Minute(s) 1 Second(s), published by Clifton Saunders - Guaranteed Rate on 16 03 2018 - 15:09:38.

Today I'm going to talk about how employment history, and any potential gaps in that employment history, can affect your mortgage loan
Your employment October 8, 2018 - "Mortgage Minute" - This Week In Mortgage - Weekly Rate Update, September Jobs Report & How Economic Perception Can Become .

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Learn about mortgage advising here! For more videos like this, Buying House With New Job Mortgage Guidelines Many home buyers are concerned about qualifying for a mortgage and Buying House With New Job.

Today I’m going to talk about how employment history, and any potential gaps in that employment history, can affect your mortgage loan. Your employment history is something you must provide when applying for a loan, and you have to have a minimum employment history of 24 months. Having gaps in your employment history isn’t ideal, but it doesn’t necessarily prevent you from getting a loan. There are ways you can address this issue and still secure the loan you desire. To find out how, watch my latest video.

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Clifton L. Saunders
Branch Manager
Amcap Mortgage, LTD
RMLO NMLS #230688
NMLS #129122
8610 Spencer Hwy, Suite E
La Porte TX 77571
281-645-6065
281-930-7775
Cliff@OurFirstHomeLoan.com
www.CliftonSaunders.com

Transcription:
When you apply for a mortgage, you have to provide employment history. Within the three qualifiers of getting a loan, credit, income, and assets, employment history falls under the income category.

Most people don’t realize that you have to have a minimum employment history of 24 months to qualify for a loan, and one of the common things we see with people qualifying for a loan is gaps in their employment history. Gaps in your employment history won’t automatically disqualify you from getting a loan, though, and there are ways you can address this problem.

First, there are legitimate reasons why someone would have gaps in their employment history (maternity leave, school, a medical issue, etc.), and that’s OK as long as you explain what your reason may be to your lender in advance and document it on your loan application. This kind of thing will usually pass through underwriting without issue. I once had a client who had a 10-year employment gap because he’d been incarcerated during that time, and we still managed to secure him a mortgage loan.

Having frequent employment gaps or job changes is another issue that doesn’t necessarily have to stop you from getting a loan as long as it’s documented properly. You should try to limit any job changes when you’re in the middle of a transaction, though. A lender will look at a borrower with frequent job changes and question things like whether they’re working in the same field and if their income is consistent, so if you can prove those things and verify your correct places of employment, they can order the proper documentation you need to qualify.

When you do change jobs, most lenders require that you’re at your current job at least 30 days, so that’s important too. They sometimes make exceptions, but if you’re in the middle of signing a contract for your new job, that could delay your loan closing.

Keep in mind, the reason we have to address any employment gaps to verify your income is because of the laws and rules already in place. We have to prove that you can make a mortgage payment. It’s our job to help you get qualified as long as it’s within the rules, so be honest and open with your lender about every job you’ve ever had. Without the proper information, we can’t help you buy the home you want.

If you have more questions about this topic or there’s anything else I can help you with, don’t hesitate to reach out to me. I’d love to help you.