Debunking: “You need two years on the job to get a good mortgage”

by | Apr 20, 2022

One of the most common misconceptions is that you always need two years on the same job to get a decent mortgage. This is not true!

Each scenario is different, but for W2 base salary or full time consistent hourly income, generally speaking you can get a mortgage with as little as 1 month on the job. Sometimes, just a job offer letter will do the trick. Two years of overall history is required, but there’s a great deal of leeway with that with the banks that we work with. For example, several of our A-Paper lenders with phenomenal pricing will allow us to count time you spent in college towards that two years of history.

However, it’s also true that most newly founded businesses do not make it past the two year mark. Because of that, it is also true that if you’ve recently started your own business, the powers that be will want to see you make it past the two year mark before approving a standard mortgage. There are alternatives to “standard” mortgages that start to be realistic once you’re past the 1 year mark as a new business owner.

In any case, the most important thing is that if you’re thinking of buying a home, you shouldn’t be disqualifying yourself. Our consultations are quick, to the point, pain free, cost free, and you don’t need to create any sort of account, or even register an email address, to set one up, and we don’t send spam to the contact information you provide either. Click here to set up a time to chat!

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