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.

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Posted by tigerbacon

Arkansas

Member since Aug 2010

3714 posts

Posted on 5/24/15 at 3:11 pm to ds1tiger

They track your work history for last two years but wife and I both are 1 year into current salaried jobs and we are fine. We qualified for a lot more than expected but we knew how much we wanted to spend and stayed there. Would rather not be house poor. I believe mortgage/rent should be no more than 25% of net income. Marriage companies will qualify you for 50% of gross income.

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Posted by SomethingLikeA

Member since Jul 2013

1113 posts

Posted on 5/24/15 at 5:33 pm to ds1tiger

quote:
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.

Yes. With letter of explanation from client and mortgage lender. Have done it many times.

With current guidelines, you're correct and I agree with you, it seems odd underwriting would approve this. While they certainly don't love it, it's accepted.

This post was edited on 5/24/15 at 5:35 pm

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