How Long Do You Have to Be Employed to Get a Loan?

To qualify for a loan, an applicant must be employed. Otherwise, the applicant has to demonstrate a solid financial position through an inheritance, settlement payment, or other monthly income. There are home loans available for applicants who just started a new job. There are also home loans for individuals who have been working at a new job for at least three months.

Ideally, an applicant has been employed to get a mortgage for at least six months to a year. The more stable and longer the employment history, the better.

Let’s say you just started a new job. There are mortgage loans available to you. You’ll have to find the right lender willing to take on the risk and a solid financial standing in the form of significant savings. If you’ve encountered a blip in your employment history, lenders consider that, too.

If you’ve been employed for at least three months at the same employer, a lender takes a look at your financial standing and savings. They’ll also verify your current employment and salary. At this point, your employment history puts you in a risk column, so you might encounter a higher interest rate. 

The sweet spot for employment history is at least six months to two years. You’ve shown that you’re stable and receive a consistent income. You’re out of the risk column and the higher interest rate bracket. 

Employed to get a Mortgage Conclusion

There’s a mortgage on the market for most employment and financial situations. It is important to be employed to get a mortgage. Mortgage House has the ability to work with most employment histories and financial situations. To get started, contact our lending team who can outline a mortgage choice for you.