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FLRealEstateAnswer, Attorney
Category: FL Real Estate
Satisfied Customers: 26302
Experience:  Experience handling landlord/tenant issues, mortgage foreclosures, eviction, purchase and sale agreements
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Can anyone explain to me the whole 2 year rule for

Customer Question

Can anyone explain to me the whole 2 year rule for qualifying for a mortgage in FL
My situation: I graduated in 2011 and worked as a medical technologist ( doing blood work in a hospital) from 2011 to 2015. In 2015 I left the hospital and I got a degree in nursing from 2015 to August 2016. I am a nurse now but I decided in August 2016 to get a new
Submitted: 6 months ago.
Category: FL Real Estate
Expert:  FLRealEstateAnswer replied 6 months ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Customer: replied 6 months ago.
To get a job again as a medical technologist. I might want to switch in the future to nursing
Expert:  FLRealEstateAnswer replied 6 months ago.

Can you share with me a little more about the situation? Are you asking about employment and using it for a mortgage?

Customer: replied 6 months ago.
the bot***** *****ne after school o decided to work again as a medical technologist but j am also a nurse and I would want to work as a nurse in a few months. Now the bank says i might not meet the 2 year rule for mortgage
Customer: replied 6 months ago.
But aren't both of these jobs are health care related? Now I need to wait on nursing until I get 2 years in order to qualify for a mortgage?
Customer: replied 6 months ago.
I feel like I have to put my life on hold and can't switch my line of work ( which is still in healthcare) because then the clock resets and I will need 2 years as a nurse in order to be approved?
Expert:  FLRealEstateAnswer replied 6 months ago.

A lender is going to want to see two years of work history / employment. For example, to be eligible for a mortgage, FHA does not require a minimum length of time that a borrower must have held a position of employment. However, the lender must verify the borrowers employment for the most recent two full years, and the borrower must

  • explain any gaps in employment that span one or more months, and
  • indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as college transcripts, or discharge papers.

I know that I recently obtained a mortgage and was with a new employer for only 2 months and was able to obtain the loan. They wanted to see 2 paystubs and asked about previous employment, so as long as you can show being employed, they should underwrite the loan.

Customer: replied 6 months ago.
It doesn't matter the line of work?
Customer: replied 6 months ago.
I can switch from a medical technologist to a nurse?
Expert:  FLRealEstateAnswer replied 6 months ago.

Every lender is different. It should not matter nor should you be forced to stay in the same line up work. What the bank wants to see is steady employment. You should be able to switch and simply want to speak with your mortgage broker about this.

Customer: replied 6 months ago.
Ok... So they don't care much about the same line of work? They care about continuity of work?
Expert:  FLRealEstateAnswer replied 6 months ago.

Yes, correct. They will want to see continued employment and income.

Expert:  FLRealEstateAnswer replied 6 months ago.

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