This is a YouTube video titled "2 Year Employment Rule" containing an explanation about employment history requirements related to home buying qualifications. The speaker clarifies misconceptions about the two-year employment rule, detailing conditions for self-employed individuals, W2 employees, and the use of school or job offer letters as part of employment history. The content was created in August 2023.
The two year employment rule gets a lot of confusion. This rule doesn't mean that everybody who buys a house has to be at their current job for two years. Now if you're self employed or you get commission or bonus or overtime and variable incomes, yeah, there is a two year rule for that. Sometimes we can do a one year and get away with it. But if you're a W2 employee, you get hourly or salary pay. You don't have to be at your current employer for two years. It's just two years in the workforce and you can even use school as long as it was the same line of work as part of that two year history. You could even have a job offer letter for a job you're going to begin as long as sometimes it's full time, hourly or salary, guaranteed pay. We can use that to qualify for a home before you even start the job.
