How to Organize Income from Previous Job

Video Transcript

"Hello! My name is Brett Staggs and on behalf of Expert Village, I am here to show you how to organize your income and assets for first time home buyer. When trying to get your first home loan, one thing you need to keep in mind is previous employment. Maybe a job that you don't even remember or have any documentation of. It is important that you get that organized and in a safe place because two years is the magic number with banks for employment. For example if you have been working at your new job for 6 months and you were at your old job for 3 years or so, you are going to need to show your pay stub or allow them to do a verification of employment so that it can track 2 years of employment for you. It is important to keep in mind the last job you had if the current job you have, has been at less than 2 years. Just get that documentation, keep it safe, make sure you have a good phone number, your previous employer because they are going to call and they are going to need to get someone to say that yeah, they worked here from so and so, and so and so. That is very important because that can hold up a loan if they can't track on your previous employer and get those days of when you started and when you left the job. "