How much time at a job is needed to use it’s income towards qualifying for a mortgage?

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How much time at a job is needed to use it’s income towards qualifying for a mortgage?

Question: I’m a software developer and took one and a half years…

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Question:

I’m a software developer and took one and a half years off to travel after working steadily for three years. During my time off, I was doing a little freelancing and averaged only about $400 a month, so I’m not even sure if this income would count towards qualifying. But I just started a new job and I’ve been at it for three months. With this type of employment history, could I get approved for a loan?

Answer:

Good for you for taking some time off. Most banks will want to see six months back on the job to consider the income stable and used for qualifying purposes. If there’s no gap in employment, for instance, you resigned from one job and take another offer, there is usually no requirement on a length of time with that employer. So you can go get a mortgage that same week as long as you have a signed offer letter from the new employer.

PS Check out our simple eval process where you can choose whether you want to: get real rates specific for your scenario (beware of teaser rates!), see how much home you can afford, get pre-approved, or quickly submit your contact info so we can get back in touch.