This is a YouTube video titled "2 Year Work History!" containing a monologue or informational talk recorded on October 7, 2023, explaining the misconceptions about the two-year work history requirement for home loan qualification and clarifying the actual rules and exceptions for potential home buyers.
You may have heard that you have to have a two year work history at your current employer before you can qualify for a home loan. That's so unfortunate because it's just not true. It's a lot of misinformation that takes potential home buyers out of the market before they even give themselves a chance. So really what the rule is, you have to have a two year work history in the workforce. So they'll look at the last 24 months that you were working to show that you had stability in your employment and your income. But you could start a new position and even in an upcoming month or two and use that income to qualify the home loan. As long as the new position is guaranteed. Hourly salary, full time income, no question mark marks, no variable income. You could even have been in college the last year or two getting higher education to prepare you for your new job. They can use that as a two year work history. Or even if you were a stay at home parent recently, you could go back prior to being stay at home, use that work history and still qualify using your new income. So a lot of ways around it, don't take yourself out of the housing market before you know.
