Employment History

Most lenders will require that all loan applicants have an employment history which is no less than 2 years to show that you have a sustainable source of income.

If employed at your current employer for less than 2 years lenders will often want to get a Verification of Employment (VOM) from your current and previous employer.

Lenders like to see at least two years employment in the same line of work. It is not acceptable to change from one profession to another completely unrelated profession because it does not show job stability.

Don't worry about gaps in employment, just be prepared to explain them, having the names, numbers and addresses of previous employers will help also!

Time spent receiving an undergraduate or graduate degree as well as time spent obtaining specialized training are frequently credited towards an applicants employment history as long as they immediately proceeded employment in a related line of work.

For self employed borrowers, it's best to have a business license that shows you have been in business for at least two years. You can also provide a Tax returns, CPA letters, references etc to document your business.