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re: first time home buyer?
Posted on 5/24/15 at 10:16 am to ds1tiger
Posted on 5/24/15 at 10:16 am to ds1tiger
You dont NEED a 2 year work history.
Salaried position with 30 days(2 paystubs) you are good.
If right out school, OK with above.
If previous work history(even if recently unemployed) 30 days new salary OK.
However, if tip/bonus/commission/OT heavily paid, then yes to qualify with more than just base salary, you will likely need 2 year history of filed tax returns. Similar rules apply to self employed, 1 year minimum tax return, usually 2.
Salaried position with 30 days(2 paystubs) you are good.
If right out school, OK with above.
If previous work history(even if recently unemployed) 30 days new salary OK.
However, if tip/bonus/commission/OT heavily paid, then yes to qualify with more than just base salary, you will likely need 2 year history of filed tax returns. Similar rules apply to self employed, 1 year minimum tax return, usually 2.
2
Posted on 5/24/15 at 1:29 pm to SomethingLikeA
So you say you don't need a two year history? So a housewife who hasn't worked in years can go get a salaried job for 30 days and her income will qualify? I doubt many underwriters will put their name to that. There can be gaps in the two year history but you have to show some recent work history other than the current 30 day job.
Posted on 5/25/15 at 9:13 am to SomethingLikeA
If you are in commission...they will take anything ober 1 yr 8 months...
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