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How long should I be on a job before considering to purchase a house?
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This is a great question to ask it varies among lenders and it would be smart to speak with a lender right away. You could be at a new job in the same field you were in and qualify right away from income and years of steady expereince. There are so many factors to consider.
It depends on a lot of factors. How long have you been working? Are you working a new job in the same field? Are you self employed? All these questions will help the lender determine how long you will have to be on the job before purchasing a home. They will also look at your debt to income ratio. Start with the lender and go from there.
Speak to a mortgage professional in your area for some advice. They will let you know, based on your situation and time at your current employer, the best mortgage package that suits your needs and prepare a preapproval letter. When seeking preapproval, meet with a few different mortgage lenders. Two or three is customary as most loan packages are fairly similar and pricing tends to be comparable. This will show you've been proactive and when it is time to make an offer you will be in a better position to negotiate.
Generally banks want to see at least 6 months to a year. This also depends on whether you have a previous job history. For example if you worked a similar job for several years but you are changing that would be ok too. Best bet is to contact a mortgage professional to get pre-approved.
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