Do I need 24 months of work experience?

Question

When applying for a mortgage I know lenders typically require 2+ years of employment in the same industry. Does this mean 24 actual months or just 2 years of it showing on your tax returns?

I’m on my fifth year as an elementary teacher, but only became a realtor in December of 2019. My realtor side job is bringing in more money than my teacher job and I am strongly considering making this my last year as a teacher. I love the kids, but not so much all the data and documentation they have us do.

I also buy rentals on the side, so my only concern is that I am unsure whether I will be able to qualify for more loans without the full 24 months of realtor experience?

Leniesia Dorestant · Answer

@Ivan Loza A couple of months ago I asked a lender a similar question. Property Management was my full time job, however, I was looking to go in the buyer/seller side of real estate full time. Her answer to me was, if I planned to buy a home fairly soon, to keep my full time W-2 job. If I were to switch to 1099 full time I would have to wait 2 full TAX YEARS before I qualified. Hope this helps!

Ivan Loza · Answer

@Zachary Rymarcsuk thank you! And “squeeze” is the right term. Most weekdays I feel like the only entertainment I get is watching a few YouTube videos while I eat. But overall I feel being a Realtor is not quite as time consuming as it used to be. Most of my clients only view homes they’re ready to offer on and a documents are e signed. The internet and smart phones are a huge boost

Ivan Loza · Answer

@Leniesia Dorestant yup that’s what my lender told me as well, TAX YEARS, which might workout since technically I was a realtor in 2019. Sure it was for like 3 days but hey 🤷‍♂️

Ivan Loza · Answer

@Zachary Rymarcsuk thank you! And yes it really is a shame. I hope it works out for your wife, becoming a realtor is definitely one of the best decisions I’ve made!

Timothy Hero · Answer

Non-qm sector doesn't require W2 statements or DTI and loans are not reported on credit.

Zachary Rymarcsuk · Answer

@Ivan Loza

I hear ya!  Being an engineer, I often work 10-12 hour days and, having a 45 min drive each way to and from work, there isn't much time left in the day aside from while eating.

That's great that most of your clients are ready to put in an offer when viewing homes.  It seems that online pictures often end up being quite deceptive, as I have seen great pictures online and found the home to be fairly trashed when visiting in person.  I know of a house that received multiple offers site unseen recently, which I feel like I could never commit to.  Do you have clients who do that?

Zachary Rymarcsuk · Answer

@Ivan Loza

Thank you!  Glad you are happy with your decision to become a realtor!  How do you balance teaching and realty?  Do you tend to only do showings on weekends or do you squeeze some in during evenings as well?  It seems like my wife is working until 10pm or later just to get caught up and ready for the next day sometimes.

Zachary Rymarcsuk · Answer

@Ivan Loza

That's a great question! I would love to see what others have to say as well! My wife is a teacher, but is looking to get her real estate license as well. It is very sad how low of a priority that paying the teachers who are educating our youth has become. I hope the transition works out well for you!

Do I need 24 months of work experience?

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