Money Management

Do banks require permanent employment for a minimum number of years for mortgage applicants?


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Wiki User
2015-07-15 21:22:24
2015-07-15 21:22:24

Banks require a 2 year job history, you can have different jobs as long as they were in the same industry. So as long as you can piece together atleast a 2 year job history, you will be fine. If you have any issues there are alternative documentation types such as stated income, no documentation, etc.


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A fulltime employment involves a minimum of 8 hours (sometimes more/less, depending on the business) and comes with certain benefits which are not enjoyed by a part time employee. "Permanent" employment is generally Fulltime and the term (permanent) is mostly used in state (government) owned jobs. A "Permanent" employment starts with a probation period, successful completion of which leads to an employee termed as "Permanent" or "confirmed". Once an employee becomes "Permanent", he/she enjoys certain additional benefits like PF, Gratuity, Pension etc. The term "permanent" essentially means that the employer will not terminate an employment contract under normal condition. This gives greater stability to the employees.

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A paid employment position for which the compensation is the minimum allowed.

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Minimum requirements are the ability to make the montly mortgage payment. You also must be able to show that you have used credit responsibily in the past.

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