When you apply for home financing, a general guideline is that you should have at least two years of work history to show.<\/p>\n
What home financers are looking for is consistency and a job history that makes sense. What does this mean?<\/p>\n
If you have changed jobs in the past few years, but have done so to further your career, as in getting a higher salary or taking on more responsibility, that would make sense to a home financing professional. Also, events such as medical conditions may keep people out of work for an extended but explainable period of time.<\/p>\n
What financers are leery of are gaps in employment without a reasonable explanation. In our current economy, events such as plant closings, layoffs, and other reductions in force are commonplace and can be easily explained.<\/p>\n
What you do to put yourself in a buy-ready position after going through any of these situations is what interests a home financer most.<\/p>\n
One employment scenario that might prove challenging for financing approval is a recent move from a salaried or hourly position to self-employment, as you may have little or no history of being in business for yourself.<\/p>\n