Profile picture for justazra

Is it possible to get a mortgage loan without 2 year employment history?

Is it possible to get a mortgage loan without 2 year employment history?
  • February 22 2010 - Evanston
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Answers (10)

It all depends on the individual situation.  If you just graduated from college we can often tie the schooling history with a new job.  If you were laid off for a while, we can go back 2 years prior to unemployment.  It just has to make sense. 
  • December 11 2013
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Profile picture for jcalceta
Yes, there are banks that still offer Stated Income Mortgages. Stated Income Mortgage allows you to borrow up to 70% of your property's value without providing income documentation. Borrower approval is based on your credit history, verifiable liquid assets, the value of your home and your stated income.

Cathay Bank still offers this till the end of 2013- if you miss the deadline for this one then they offer an Investment Property Loan at requires 40% down for stated income. APRs are in the low to mid 5%.

I am sure there are other banks, just google "Stated Income Mortgage Loans"
  • December 11 2013
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Profile picture for TimAsher
Most likely not.
  • April 12 2013
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Profile picture for user967631
What if I was laid off for 16 months?
  • July 17 2012
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Great advice so far.  Find a good Broker in your area.  There are quite a few here on Zillow that may service your area.

Nic to the right of your screen is a straight up guy.

Good Luck.
  • February 22 2010
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Yes you definitely can.  It all depends on what you were doing for those two years.  If you were going to school or in the military sometime during those two years you will be fine. 
  • February 22 2010
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Profile picture for justazra
Thank you all for posting, the information was very helpful!
  • February 22 2010
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Yes, you can get a loan without having 2 years employment history.

There are other factors that come into play, depending on the loan program you are looking to get qualified for.
  • February 22 2010
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Justazra,
Yes,   you absolutely can get a mortgage without being on that job for 2 years.  Underwriters are looking for a likelihood of job continuance.  So if you were:
 in school focusing on that profession and now working in the the line of work that you were educated in
If you have are working in the same line of work and just switched jobs
have a 2 year guaranteed contract
These are all situations that will be considered.

If none of the above apply.  There are other types of qualifying without 2 years of employment such as asset dissipation.  This is usually done for individuals with large amounts of assets that they use as income or can be calculated over a 30 yr dissipation.
  • February 22 2010
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Profile picture for Scobe

Yes that is possible depending on your employment prior or if you were in school leading to that employment. Or even if you were in the Military, also if you were laid off for a short period you must show proof that it occured...

Hope is this helps!

  • February 22 2010
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