Can you get loans w/out 2 yrs of employment at the same company?

[Derek Schwarz]

Hello,

Excited to get in the game, but not excited to wait two years to start! After reading a few of the Bigger Pockets books and speaking with real estate investors it seems like the general rule of thumb is that you are required to have at least 2 years of employment at the same company to get most loans, including an FHA loan. I worked for 2 1/2 years at the same company with a steady salary and moved on to a new company for a significantly higher salary. After working there for only 4 months I realised the company was a disaster so I quit and decided to take the year off to travel. The people I met on my travels inspired me to get into real estate so I could have the freedom to experience more amazing adventures in the future.

For the last 3 months I have been working at a new job in the same industry as before with an even higher salary and in a lead role. I am a first time home buyer and am looking to house hack buying a multifamily unit and living in one unit. Is there any way I could get an FHA loan without having to wait for 2 years working at the same company?

I have an:

• 800 credit score
• Enough cash for the 3.5% down payment and closing costs
• $130K salary
• No debt

Thank you so much for any insights or suggestions! I really do appreciate it!

Cheers,

Derek

[Caleb Heimsoth]

Yes it’s more the same field then same job. I had 3 different jobs in 2017 and even switched jobs during one of my loan applications, had no issues at all. I also haven’t been working full time yet as I graduated last year from school, but since I was studying the same field I now work in, they count this and it’s also been of no issue