- Having a stable and enduring work history with a specific employer can convince loan officers that you are likely to repay the loan without defaulting. Typically, lenders like to see at least two years of employment with the same employer. If someone with a short work history does not have employment for two years with the same employer, work in the same field may convince potential lenders that you are stable enough to repay the loan. Part-time work usually does not count toward obtaining a loan unless the work has been uninterrupted for at least two years.
- Gaps in employment or other obvious transition periods in a recent work history can raise red flags for potential lenders, who may see the person seeking the loan as someone who does not display enough stability to hold a job. Other red flags include multiple changes of address in a short time.
- If you have recently moved to a new employer, your status with the company may be listed as temporary. This is found in many companies that have a 30-, 60-, or 90-day review period for new employees. This temporary status may also raise red flags. Additionally, lenders may also seek verification that your current job or position will last for at least three years.
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