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Something struck me today as I was researching some information about a VA Loan for an article I was working on. So many loan parameters and requirements center around 2 years regardless of what kind of loan program – including jumbo loans – I thought I would have fun with writing a summary of them for you.

It Takes 2 Years To:

1. Recover from a Bankruptcy if you want to get a mortgage using a VA mortgage or a FHA mortgage
2. Recover from a Short Sale or a Deed in lieu of a Foreclosure if you want to get a mortgage using a Fannie Mae
3. Establish sufficient proof of income to qualify for a VA loan if you are self employed. This is also true for FHA and Conventional mortgages too.
4. Establish a sufficient job history for a second job. In other words, if you have a second job you must have it steadily for at least 2 years in order for a VA – FHA – Fannie Mae – Freddie Mac underwriter to allow it on your mortgage application.
5. Establish income from overtime and bonus income. To count overtime and bonus income on your mortgage application you must have gotten it for at least two years.
6. Keep a steady employment record to qualify for a mortgage. You must be steadily employed for two years prior to applying for a mortgage in order to qualify. You may be able to get an exception to this rule if you can come up with a really good explanation.

There are probably more of these 2 year guidelines, but these are just a few that I happened to think of quickly.