Mortgage Moment - Job Stability

Michael Holigan: Today we're going to cover a little bit about job stability and what's needed to qualify for a mortgage. First we're going to start out with a two year history. That's what they want to see that you've been in the same line of work for two years. That if you're a truck driver you stay a truck driver, you don't just change. The gaps between changes, they don't want to see a long period of time where you're unemployed. They like for you to always stay in work. Salary increases with change - if you do change a job and you're driving a truck for one company and you go to another company, they want the reason to be because you're going to make more money. The want to see an increase in your salary when you move positions. Recent college graduates - if you come right out of college and you work for three months and you want to buy a house and you don't have two years history, the college counts as long as you come out of college, you go right to work, that college time counts and fills in the rest of your gap. Same with veterans. If you're recently discharged, that's going to count also, but they would like for you to stay in the same line of work. If you're an electrical engineer in the military, they like for you to be in the electrical field when you come out and get your new job. The two years history is what they're going to be looking for.

Episode 019 1995 - 96 Season

| Painting Prep | Roach Bait | Painting Your House | Architectural Salvage | What is Job Stability | LIST |

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