Does conventional require a two-year work history?
You do not always need two years at one job or in one field. The lender reviews your work history and the specific type of income you want to use.
What this actually means.
Fannie Mae reviews the recent two-year work pattern but can consider a shorter history with supporting factors. Fixed salary or guaranteed-hours pay has different rules from changing hours, overtime or a new business. A short history is a reason to review the facts, not an automatic approval or denial.
A simple example
Illustration only. This is not an approval or a loan offer.
Where this can move.
Loan program, fixed or variable pay, gaps, prior work or training, documents and lender requirements.
Check the sources
- Fannie Mae: work history, job changes and multiple jobs
- Fannie Mae: fixed and variable base pay
- Fannie Mae: overtime, bonuses, commission and tips
Sources checked . Program guidance and lender requirements can change.
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More conventional questions on Requirements.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.