How important is job stability when applying for a mortgage loan?
Lenders like to see job stability in a loan applicant. A stable job means a steady income that will enable the borrower to make the loan payments on time. On average, lenders prefer the applicant to have two consecutive years in the same line of work. Ideally this would be two years at the same job. Lenders understand that people change jobs, so job changes within the past two years may be acceptable as long as income hasn’t declined too dramatically and the applicant provides a letter explaining why the job change took place. Many lenders will also count college as work experience if the graduate is working in his/her field of study.
