Mortgage/Job Probation question?

I just started a new job, totally spacing on the fact that fiance and I were planning on buying a new place in the next few months.

My question is, if my fiance and I were to apply for a mortgage, what would they need from my job? If my manager was to SAY that I would be there permanently (even though I am not done my probation) would they accept me on the mortgage???

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  • Anonymous
    1 decade ago
    Best Answer

    probation isnt a problem....most employers offer the 90 day probationary period.

    With FHA ..as long as you have 30day of earnings....2.25% down...and now credit lates in the last 12months...you should be fine. you can have a low score and still do FHA but you cant have any credit lates in the last 12months!!!!

  • Anonymous
    1 decade ago

    As long as your income level is the same as it was before moving to your new job or higher, you should be fine through either a conforming lender or FHA. It's when you switch the type of position that you have or go onto a total commission structure from a salary based position where you'll have problems. Ex: you wouldn't want to go from being a w-2'd computer programmer to a fully commissioned mortgage broker, because the lender would have a hard time verifying your income. If you have been in the same line of work for two years or better and can provide a letter or verification of employment from your current employer with your new income, you're fine.

    Good luck.

  • 1 decade ago

    You make a good point...all things being equal, it's better to apply for a mortgage before you switch jobs, but you shouldn't pass up good opportunities just for purposes of qualifying for a loan.

    The other answers here are correct. If you can show that you have been in the same line of work at similar pay for the past two years, you should be fine on this qualification.

    The lender will likely require a verification of employment (VOE) form to be filled out by your employer. It will ask basic information about your employment: how long, job title, pay, etc.

    If your job is temporary or not likely to continue and your employer fudged things for you that would be mortgage fraud -- not a good idea. The form should be filled out truthfully. Assuming you are doing fine on your job, there is no reason to expect it not to continue past the probationary period, in which case it can be filled out honestly and not cause problems.

    Of course employment is just one factor so make sure you are checking your credit scores, and all the other factiors that go into qualifying.

  • Anonymous
    1 decade ago

    Most lenders like to see a 2 year employment history. If you just started with your current company the lender may require a letter of explanation from you. They may also call HR or your manager to confirm your present employment (and salary if you are providing full documentation). The term "probation" rarely comes up. Your amount of time there will speak for itself. A true mortgage professional will be able to evaluate your situation and help you to move forward accordingly.

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  • 1 decade ago

    Sure you can. Granted they are going to ask why you changed jobs and you should be able to give a good answer.

    Something like more money or benefits, better hours, or if you've been in school and just got a job in your field. Basically any reasonable explanation should be fine. It's also easier to explain if you're in the same field as before.

    The probationary status won't come up at all when they're discussing your new job.

    Source(s): mortgage broker
  • Anonymous
    1 decade ago

    You may be worrying about something you don't need to at the moment. When you are ready to apply for a mortgage you will have several months on the job, correct? If it in the same line of work that you did previously, then it's no problem. Just don't change jobs again until after you close. Oh and don't buy anything for the new home until after closing! You don't want to increase your debt ratio's.

    Source(s): Realtor/Appraiser-MN
  • 1 decade ago

    Okay what I said before was rude so I will edit it. I dont agree with carolina completely.

    Here is the rule for FHA or other loans.

    ***To analyze and document the probability of continued employment, lenders must examine the borrower’s past employment record, qualifications for the position, previous training and education, and the employer's confirmation of continued employment. A borrower who changes jobs frequently within the same line of work, but continues to advance in income or benefits, should be considered favorably. In this analysis, income stability takes precedence over job stability***

    Sounds like you have it covered. But yes it matters, it matters alot.

    Source(s): HUD 4055 underwriting manual
  • Jane
    Lv 4
    4 years ago

    I feel very sorry for this woman. And for the parents of the baby. This woman had been driven nearly mad with grief over the death of her own daughter. Because of this she is not in the same league as Beverley Allitt or someone else who killed children because of a sick kind of pleasure. This woman was deeply disturbed because of a horrendous ordeal she had been through. As the mother of an 11 month old son myself I can't even begin to imagine how it must be to lose a 16 month old child. I think I would not want to go on living. Which of us can say that losing our own beloved child might not send us over the rails? Therefore I don't see what would be gained by putting this woman in prison. She has suffered more than any human being should have to suffer through the loss of her own child. Her nursing career is destroyed. Putting her in prison will achieve what exactly? If the family of the baby who she injected are "angry" at the sentence they can "comfort" themselves that at least they still have their little girl and she has lost hers and is going through agony as a result. If that is comfort.

  • Anonymous
    1 decade ago

    you have to prove to the mortgage lender that you and your partner (fianc ) having an income which is equal 3 time the mortgage..

    so if your mortgage is $ 3000 / m .in order to qualify you both have to have an income = 3000$ x 3 =$ 9000 / m .

  • Anonymous
    1 decade ago

    If you are a salaried employee than you will be fine... if you are a commissioned employee you will need 2 years earnings to show. http://www.choicerealestate.net/

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