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How long must you be employed at a job before you can be approved for a mortgage loan?

My husband worked a steady job for almost 5 years and has just started a new salary position job in Chattanooga, tn. We are very interested in purchasing a home in the next 6months give or take a little, but we have heard you have to be at your job for at least a year before you can be approved for a mortgage loan. by ashley_539_993 from Fort Oglethorpe, Georgia. Jul 26th 2012 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

If he's in the same line of work and no more than a 90 day gap in employment he should be ok.. even if the work isn't the same type of work, he still might be ok since he is salary... the only way to know for sure is to apply so the best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 26th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Is it the same line of work? If so you can get approved.

Jul 27th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

typically 2 years is the asking price for employment within the same industry and no long gaps. If his new position is a promotion or at least a lateral move in the same line of work, then you should have no problem. But keep in mind other factors when obtaining a mortgage. Debt to Income ratio, FICO scores, Loan Amount, Taxes and Insurance, down payment and with that loan program and guidlelines within those programs. Once you are ready or just about ready to make a purchase. Ask us any questions that may arise. While we all have differences in opinions, you will atleast get a real insight on what to expect with your new loan.

Jul 27th 2012
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Speak with a mortgage broker that covers TN. I doubt you will have a problem.

Jul 27th 2012
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My mother in law works for Capital Bank in Georgia and she told me a year was required from all mortgage companies, is she wrong then? Also i currently live in Georgia, but will be buying in Tn and my husband also works in Tn. Would it be that Tn requires different than Ga?

Jul 27th 2012
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