Stable Income is the topic of the day. Now we're told we need a 2 year history of employment. If someone can not show a 2 year history they'll have problems getting a loan. Now we've always looked for stable dependable income, but the news we're hearing now is truly stupid. Say you're an RN who graduated and has had a nursing job for 11 months. You may have trouble getting a loan because you don't have 2 years of employment history. How idiotic is that! Why does having 2 years of employment constitute more stable income than 11 months of nursing for dependable income? Before educaiton in your field of work counted as work history. Not any more.
You know I'll argue this one for you!
I know that they needed to tighten up lending guidelines - anyone could borrow money 3 years ago, but now they're going a bit too far and shutting good borrowers out of the market with the stuff they're dreaming up. Tell kids to go to college and get a good education so they can get a good job, but - oh, I'm sorry, until you work for 2 years, you don't deserve to buy a home.
There's no common sense, no grey areas, no compensating factors.
Make sure you're dealing with a knowledgable loan officer who keeps on top of the every changing mortgage market. Give me a call if you need help or have quesitons.
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