Quote:
Originally Posted by meanmachine13
I am looking at finally buying my own place, however just started a new job in july with a 6 month probation period.
Does anyone have any experience or knowledge of any mortgage providers that will consider a mortgage with someone who is still in the probationary period of a job?
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Hi meanmachine13 -
We are new to the Calgarypuck forum and thought I would send you a reply to your question.
There are situations where lenders will accept and approve clients in probation. A number of factors come into play to determine the exception:
- Is the new position similar to previous position? And how long have you been in the previous positions (tenure)?
- What is the down payment? 5%, 10% or more?
- Overall credit and net worth helps with making the approval and exception.
- other considerations..
There are careers that have longer than 3 month probations and these typically have exceptions that can be made. Case in point is Police Officers have a 12 month probation and we do not have many issues with these exceptions.
If you need more info or have additional questions... PM or email. Thank you ~Tim