Ask Terry Questions Home Loan Mortgage Requirement

Home Loan Mortgage Requirement

By Terry Savage on July 03, 2023 | Housing / Real Estate

Is it true that banks now require at least two years of consecutive work at the same company in order to allow that income to be considered part of the mortgage application? For those of us who lost their job due to Covid and are now at another company [thankfully!] several of the banks are telling me yes, work income only counts provided there are two years with the same company. To me that is a big deal breaker.

Terry Says

No, that’s not true. Each bank sets its own requirements, and if you were previously employed and are currently employed, and have a good credit report/score, that shouldn’t be a problem.

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