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Do I Need To Be at My Job for Two Years to Buy a House? | Omaha NE Homebuyer’s Guide

Do you need to be at your job for two years…Not necessarily

If you are self-employed we will have to show a history of employment (go here for more explanation), but for salary and hourly employees, you do not always need a two-year history.

Showing a history of employment

Most people assume you have to be at a job for two years to qualify for a home loan. While consistent job history is important, it is not a requirement to qualify for home financing. If you are hourly or salary and can provide employment verification and pay, you can qualify with less than a month on the job. However, you’ll have to show two years of consistent employment overall. That means two years with no large gaps (six months or more) that cannot be explained.

Does school count?

Sometimes. College counts as verified past employment if you are now working in your field of study. High School does not count. You can buy a house when you are 18, but you would have to show at least a two-year history of part-time work no matter how much you are making right out of high school.

I am a local mortgage broker serving Omaha, Papillion, Bellevue, La Vista, and all of eastern Nebraska. If you need help finding a local realtor or qualifying for a home loan please contact me.


What about former stay-at-home parents?

The most common cause of significant employment gaps is men and women taking time off to raise children. If you just reentered the workforce after many years as a stay-at-home parent we may still be able to approve you in less than two years. However, you must show two years of employment at some point. It sounds strange but if you have been a stay-at-home parent for 10 years we will need to show that 10 years ago you worked for at least two years. This is a way of confirming that you actually did leave the workforce to take care of children.

These are just a few of the many employment and income rules for home financing. To make sure you qualify, contact a loan officer (preferably us!) and give them the full story of your employment and income no matter how small. A good loan officer will coach you on how best to present your application to the underwriter for pre-approval.

Contact us…We can help!

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