Home Purchase Mortgage Calculators
Mortgage Program Calculators
When you apply for a mortgage, lenders focus on your credit score, debt-to-income ratio and other mortgage qualification guidelines including your employment history to determine your ability to qualify for a loan. Lenders usually require that borrowers have two years of continuous employment history to qualify for a mortgage unless you recently graduated from college. Many lenders permit a break in a borrower's employment of less than a year if the borrower has extensive experience in a particular field of work or if the borrower has moved, which applies to you.
Regardless of a borrower's employment history or break in employment, most lenders require the borrower to be currently employed to qualify for a mortgage, even if you have someone who is willing to be a co-mortgagor on the loan. If the "primary" mortgage borrower is not employed, the only condition under which the lender usually permits a co-mortgagor is if the co-mortgagor lives in the property. So unless your co-mortgagor occupies the property you buy, you should wait until you have a job before you apply for a mortgage.
Finally, we always recommend that you contact multiple lenders to understand how they would handle your unique situation. You can review lenders in your area by clicking INTEREST RATES We advise you to contact at least four lenders as as mortgage qualification guidelines vary. Plus, comparing lenders is the best way to save money on your mortgage.