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How important is employment history when applying for a conventional loan?

My credit score is 777 and I have 20% down for my projected price range. However, my employment history is unstable.

  • July 18 2014 - US
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Answers (4)

Unstable employment history is usually defined as multiple employers in different lines of work during a short period of time, like 2-3 years. If you were busy obtaining a degree and have recently begun your first career job, that would not be considered unstable.
  • July 19 2014
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May I suggest you define " unstable employment history".

If you mean you have an average monthly income over a three year period , but from many different employers, that's viewed like a  self employment / construction laborer type history.

If you mean you've got 20% down, but your income is just off and on, fired / laid off a lot and mostly been living off of saving or family. That might be viewed in a favorable light.

Just go apply for a loan, you'll get much more reliable answers from some one looking at your actual information.
 

 

 
  • July 19 2014
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Stable income is very important in obtaining a loan.
  • July 19 2014
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Congratulations on your fantastic credit score and the money you have saved up for a down payment.  That will definitely help you get approved.  However, Employment history and the ability to payback a loan is also an important piece of the approval puzzle.  When you say your employment history is unstable...that alone is not a problem.  More details are needed.  How long have you been at your last job?  Were you doing something similar in your previous job?  Have you had big job gaps in the last year? With good explanations, an unstable employment history can still lead to an approval.  
  • July 18 2014
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