Do you have to be employed for a specific amount of time in order to be pre-approved for a home loan?

I just graduated with my bachelors and I have a job secured. There is a house on the market that I want and I know I can afford with my salary. How long do I have to wait before applying for a mortgage?

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  • 1 decade ago
    Best Answer

    It depends on other information like your credit, assets, down payment, etc., but in general, I would need to see at least 30 days worth of pay-stubs. An offer letter (if you have one) would help too. Generally speaking, if the other parts of the qualification puzzle are good, it shouldn't be an issue.

    Just be sure you are fully approved for the mortgage before you put any offers in. Best of luck!!

  • Anonymous
    1 decade ago

    You may be eligible now. When I got my job with U.S. Customs and Border Protection I applied with several lenders on lendingtree.com. Even though I had just started my job, every lender without exception told me I was qualified for a mortgage. Now, I also indicated I was going to put 20% down and I had a credit score over 700, and those two things affect your eligibility as well, but the days of lenders requiring you to be employed at the same job for a year or more are basically gone. Your best bet is to apply for a mortgage but don't tell them you have a house in mind -- just apply and let them tell you how much you qualify for. If you find out you qualify for a mortgage that will cover the house you want, GREAT!!! If not, the lenders are telling you that you really can't afford the house you want. Either way, applying for a mortgage will help you find out where you stand.

  • Donna
    Lv 4
    4 years ago

    With a credit score in the high 600's you should be able to get approved for a home loan without a co signer. You will probably not qualify for anywhere near the 500+K mark that you got with your dad...but being 23 I don't think you really need a home worth that much. I just bought my first home a couple of months ago. GOOD LUCK!!!! And get a rate lock...as rates are going to continue to move up in the coming months.

  • Anonymous
    1 decade ago

    Generally all you have to do is show x amount of income to qualify.

    The payments on the house should not exceed 1/3rd of your monthly income.

    The fact that you just got out of college and have not begun to work...and you probably have a bunch of student loans to pay off etc etc...you may not qualify.

    you might want to wait a year or so. Pay off some of your debt and put some money in savings for a sizable down payment and then with a year of steady work behind you you will be more favorable to the lenders.

    Right now you are too much of a risk because you have no history.

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  • 6 years ago

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  • maamu
    Lv 6
    1 decade ago

    If you had been working in the same field but simply changed jobs a mortgage would be easy to obtain.

    Talk to a real estate agent. They know which lenders are willing to work with certain buyers. If you have a job history, you should have no problem. As someone pointed out--the market is not in the best shape right now for sellers, so it is now what is called a buyers market.

    Good luck (and congratulations on your graduation)

    Source(s): Former realtor.
  • 1 decade ago

    There are home loans available for most people. Some just have to pay higher interest rate than others. 2 years employment history is usually required for the best loans.

  • MOOCHY
    Lv 4
    1 decade ago

    It is different with every bank. A lot of things go into it too like loan amount, credit score, debt to income ratio, loan to value. BEFORE you apply ask them their criteria to see if you would even be close to qualifying, it saves your credit report from a lot of inquiries. good luck!

    Source(s): I work in mortgage and equities.
  • 1 decade ago

    Most lenders want 2 years or more but they do consider lots of other factors:

    ~ the more of a down payment you have the less risk the lender feels they are taking!!

    ~ Today, there are lots of different mortgage programs out there. Money talks so save, save save!

    Unless your parents are gifting you the downpayment and closing costs.

  • 1 decade ago

    its not required but will help. with the housing market the way it is you might just qualify for a home loan

  • Anonymous
    1 decade ago

    Talk to a mortgage broker and I will bet the broker can find a loan for you.

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