How long must I hold a job for in order to qualify for a Mortgage?

Mission Viejo California said:

I want to buy a home and get a mortgage and was wondering generally how long does someone have to have a job for? I want to wait at least a year and a half, do you think this is viable? Any other tips on getting a mortgage sooner?

I'm interested in getting an FHA loan, are there different requirements?

Franklin Advantage:

Two years if employed, three years if self employed. I can't think of any other way of getting a home sooner unless 1) you can put down a sizable down payment or 2) your parents are willing to cosign on a mortgage with you — which I definitely wouldn't recommend.

FHA requires a 2 year history of employment but there are exceptions.

1.) If you just graduated from a university or trade school and have found work in your in your chosen profession.
2.) If you have had history of part time employment and you recently went to full time employment (for example: a substitute teacher that gets a full time position)

You only need to be self employed for two years but to approve your loan the underwriter will want to see your self-employed income reflected on your most recent two years tax returns.

http://www.f-advantage.com/fha.php

I’m buying my first home. The one I want needs a lot of work…whats a good loan to get?

Corona Said:
My boyfriend and I are going in on it together. he doesn't have a lot of credit and I do. His is A+ and mine has quite a few blemishes. What's the best loan for us to get?

Franklin Advantage:
Choosing the right loan can be very confusing; especially in this market. There are a lot of options and extraordinary opportunities today. FHA may be the program that can help you buy fixer-upper home.

FHA allows for blemished credit and low down payments. The Federal Housing Administration (FHA) was created by the National Housing Act of 1934. Its intent was to regulate the terms of mortgages that it insured and increase the number of people who could afford homeownership. With minimal down payments and affordable monthly mortgage payments, FHA accomplished its goal of increasing homeownership over its 75 year history.

FHA's 203k program allows you to buy a fixer home, fix it up and include the repair costs in one loan. This loan is based on the sales price but rather the future value once the repairs are complete.

Today, there are a lot of foreclosed homes for sale. These homes often need repairs. Conventional financing will not allow financing until the repairs are complete. This keeps many potential home buyers from buying these homes but with the FHA 203k program, homebuyers can finance the cost of the repairs into their FHA mortgage.

http://www.f-advantage.com/articles.php