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Amid global concern about COVID-19, we will continue to be here for our customers.

As people and companies all across the country take additional preparations to protect against the Coronavirus (COVID-19), we acknowledge that your mortgage concerns will likely not be taking a break. At this time, we will remain open full-time and will continue to service our customers with the same fast response times you’ve come to expect from us.

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You are here: Home / Lender / What to Know About Employment Requirements When Applying for a Mortgage

What to Know About Employment Requirements When Applying for a Mortgage

August 21, 2020 by Blue Square Mortgage

One of the most important factors in qualifying for a mortgage is your employment status.

Unless you are retired and no longer need to be in the workforce, a lender is only going to consider offering you a loan if they can trust that you will continue to earn the income necessary over the years ahead to continue to make timely payments on your mortgage. Let’s go over some things you should know about employment requirements when you are applying for a home loan.

Seattle mortgage lenders

Employment Requirements

  1. Lenders look for at least two years of steady employment.  In general, you need two years of steady or relatively steady employment to qualify for a mortgage. This rule is not as inflexible as you might imagine, however, For example, employment gaps might be acceptable if you have been in your current job role for six months or more. There are also situations where education might substitute for work experience. Mike Peacore, President of Blue Square Mortgage shares, “For instance, if you recently graduated with a four-year university degree and started working in your field, you might still qualify for a mortgage even if you do not have two years of employment behind you.”
  2. Switching jobs is okay.  Although you need to try and document two years of steady employment, it is not necessary for those two years to take place at the same company in the same job.
  3. Your work history needs to tell a consistent story about your career track.  If you have switched jobs, the story which your work history tells needs to be one of consistency and advancement along a clearly identifiable professional path. If all of your work has been in the same industry, even with a variety of job roles, that could tell a consistent story. Likewise, if all of your work has been in roughly the same job role, even if you’ve switched companies and industries, that also might tell a consistent enough story. But if you have been all over the map with industries and job roles, you might have a difficult time demonstrating that you are reliable enough to make future payments over the lifetime of a mortgage.
  4. Decreases in pay or hours may stand in your way.  If you have had your hours cut or salary reduced, that will act against you in a mortgage application. Nevertheless, these days, a lot of people have seen a reduction in income who are still on a solid enough career track. So, a mortgage lender might make an exception for you if you can provide an adequate explanation for the situation.
  5. A job offer letter might or might not be acceptable.  There are lenders that will only accept pay stubs or a signed employment contract as proof of your employment. But there are also lenders that will accept a job offer letter. It is best not to make any assumptions. Ask what documentation you need before you apply for a mortgage.
  6. Stated income loans can help you apply successfully in many situations.  If you are self-employed, own a business, are an investor, or have some other non-traditional income situation, you might run into hassles with the traditional loan application process at a big bank. Consider the easy alternative of applying for a stated income loan through an independent mortgage company instead. Doing so will give you alternate means of proving your income and demonstrating that you are on a solid career course. At Blue Square Mortgage offers both the traditional loan process and stated income loans.

Blue Square Mortgage Can Help You Apply for a Home Loan in Seattle

Have questions about how employment pertains to mortgage applications, or ready to apply for a competitive home loan in Seattle or elsewhere in Washington state? Please give Blue Square Mortgage a call today at (206) 352-6453 to schedule your consultation.

Filed Under: Lender Tagged With: Mortgage Application tips, Seattle, Washington

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Pete Larsen
Pete Larsen
15:07 12 Oct 18
I just can't say enough good things about Mike Peacore and his dedication to his clients. Mike found us financing after a bitter experience with a high profile broker who turned us away after glancing at our financials: the issue being years of self-employment. With Mike's assistance, we were able to follow our strategy of buying a smaller place before marketing our existing home. Five stars aren't enough!
Andrew Tasso
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20:10 07 Oct 18
In short, Blue Square Mortgage was the driving force on my home closing. Mike, at Blue Square Mortgage was referred by a friend who had worked with Mike on prior home purchases. Mike worked tirelessly with my fiance and I to ensure that we were getting the best possible mortgage rate for our first home purchase. His business acumen and industry experience was easily identified in our first phone call, where he explained the in's and out's of lender proceedings for a first time home buyer. Mike is an expert is what he does, and brought a very personal touch to a transactional process. There is no doubt I will be working with Mike and Blue Square Mortgage again when the time comes to purchase a new home.
Erik Murphy
Erik Murphy
20:25 07 Sep 18
Blue Square Mortgage has helped us secure a couple new home loan and refinance our existing loans. I know I can count on Mike Peacore to diligently track down all the required paperwork and make the loan happen. Mike is very helpful and knowledgeable about rates and loan options. I highly recommend Blue Square Mortgage.
mike bon
mike bon
22:36 23 Aug 18
Mike is extremely professional, knowledgeable, straightforward and a great communicator. I have known and have worked with Mike for 25+ years. He is driven to accomplish all your needs and goals. Both new and returning clients stay with Mike and highly recommend him. Mike is easy to recommend to others for all their mortgage needs!
J Cordick
J Cordick
22:02 30 Jul 18
I have used Blue Square for years and Mike is consistently up to speed on rates, what banks/credit unions are doing and why to use certain ones and not others, and always helpful. He will not only coach you through the process, but if you are not an attorney and are not super detailed, this is your company. He makes sure you understand (in regular terms) what the sheets are for and how the process works....GREAT experience.
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Blue Square Mortgage is located on 4212 33rd Ave W, Seattle. From Seattle-Tacoma International Airport (SEA) head southeast on Airport Expressway toward Departures Dr and use the left lane to keep left. Then keep left and slight left onto Airport Expressway. Keep left at the fork, follow signs for WA-509/WA-518 W and merge onto WA-518 W. Next, merge onto WA-518 W and take the exit onto WA-509 N toward Seattle. WA-509 N turns slightly left and becomes Hwy 99 N/E Marginal Way S. After that continue straight onto Aurora Ave and turn right onto Halladay St. At this point turn right onto 6th Ave N and turn left onto Dexter Ave N. Head straight for 0.5mi and turn left onto Nickerson St. Then continue straight to stay on Nickerson St and continue straight onto W Nickerson St. Finally, turn left onto W Emerson St and turn right onto Gilman Ave W. Continue onto W Government Way, turn left onto 33rd Ave W and Blue Square Mortgage will be on your left.

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Blue Square Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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