When you first step foot in a potential home, what do you look for? Granite countertops, a remodeled bathroom and…the furnace? While the heating and air conditioning units may not be the most luxurious aspects of a house, a faulty piece of equipment can cost you a pretty penny. Before you fall in love with the house with the awesome deck or the spacious living room, make sure you know what you’re looking for in your heating and cooling system.
A few months back we hosted the First-Time Home Buyer Q&A Google Hangout with special guests from Quicken Loans, , the , , and .
We discussed first-time home buyers’ most common questions, and our panel of experts offered advice and tips for anyone buying his or her first home.
One of the topics that came up is one of the most frequently-asked questions from our first-time clients: What length of employment history is required to qualify for a mortgage? Mike Berris, a director of mortgage banking who specializes in purchase mortgages, gave some advice.
The main answer, like so many other things in life, is that it depends. Usually a 2-year work history is required, but there are always exceptions for certain situations. For example, sometimes school can be considered as part of that history. Your best bet is talk to a licensed mortgage banker, and they will help you determine everything you need to qualify for the best mortgage rates and options.
Here’s the video. Let us know if you have any questions or comments.