As my wife and I looked into buying our first home, we knew very little about the process. We were very worried about how we were going to make the money part of it work out for us, and poked around for information about any little thing that could help. Luckily, we came across information on programs that we were eligible for because we were first-time home buyers. First, we looked into loan options for first-time home buyers. But after weighing our options, we ended up deciding to apply for a first- time home buyer’s grant, and that was definitely the right decision for us and it might be the right decision for you.
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.