subject: What do you need to remember while purchasing a house for the first time? [print this page] Often, newly employed people think many times before applying for a home loan. No doubt, it is important for people to have a stable employment history. However, the lender considers the human factors also. For instance, if you have just completed a vocational training or college or you served the country as a military officer, you have a good reason to explain for the lack of continuous employment. Likewise, if your profession is seasonal in nature, gaps in employment are normal in the field. Therefore, there are certain loan programs that work well in such situations. Similarly, if you are a contractual employee or work as a freelancer, the lender would look for a consistent source of income during the last two years. Consistency remains the most important word in the mind of a lender. Despite this, the lenders have created different structures for meeting the demands of general public.
What do you need to remember while purchasing a house for the first time?
