Working Your Way To Homeownership

January 1, 2020 By 0 Comments

Buying a home is a big responsibility. It takes more than just a desire, it takes actually following through on those desires and putting a plan into action. Most of the time planning for homeownership starts when you state the goal and start to make decisions from there, but when it comes to your career you may not always be in control. You may not have the job history to buy a home, you may need some paperwork to prove your employment that your employer refuses to produce, or you may simply not earn enough to buy the home you truly want. We’re going to tackle these three big obstacles to help you find solutions that will lead to you qualifying for your first home.

“What do you mean I have to wait?” This is a common response when future homeowners find out that in order to qualify for a home loan they have to work in their current job role for at least two years. It is true that most FHA and Conventional home loans will require at least 2 years of employment, but there are some caveats to help you reach your goal sooner. If you have been working for the same company and moving up in your roles, the lender may look at your total history with the company and accept a letter from your employer stating your future employment with the company is solid. Also, if you recently received a college degree in the field you are working in now, some lenders may use your education as work history even if you just started a new job. Talking with a lender to find out exactly what is required is better than taking the common advice and waiting another two years before you buy a home.

To verify your employment, the lender will contact your employer and request certain documentation, but it doesn’t always have to be a formal letter. Some lenders could request a verbal confirmation or even an email will suffice. If you feel your employer will not provide documentation to a lender so you can buy a house, be sure to find out if they will accept one of these alternatives. Although there are no laws stating an employer must provide verification of employment, it is illegal for them to refuse to provide the information based on race, sex, color and other non-job-related factors. Oftentimes a simple conversation with your employer will help them understand what you are attempting to do and they may be willing to make an exception for you.

The last obstacle is often the hardest to overcome. Not earning enough money to afford the home of your dreams can be frustrating and disheartening. When it comes to qualifying for the home you truly want you either have to find a way to cut down on your debts or increase your income. When was the last time you asked for a raise? What additional work can you do to show you deserve the raise? Recent studies showed that employees who took the time to learn a new skillset and applied it in their work, were more likely to receive a raise. So what new skill are you willing to learn? Having a conversation with your employer about your goal of buying a home may help if you work for a small company, but if not don’t get discouraged, continue to work hard and set some career goals with your current employer. If you don’t feel you are getting the rewards, promotions, raises you deserve, there’s always another company looking for a hardworking employee who is willing to learn new skills, set goals and be proactive with their career!

You can overcome these career obstacles to buy your first home. Don’t take advice at face value from those who say you can’t do it. Ask the professionals, see if exceptions can be made and don’t stop pursuing your goal, no matter how long it may take you. The journey to buying your home will make getting the keys that much sweeter! 

If you want to see where you stand today in getting ready and qualified for a home, be sure to complete our FREE online assessment and we will give you an accurate snapshot of where you are and game plan to get to where you need to be.