Do I need 24 months of work experience?

[Ivan Loza]

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]

@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!