Do you need to wait 2 years to use your current income to get a mortgage? 

This is one of the most common questions in the mortgage industry and it also has some of the most common misconceptions. It is often assumed that to use your current income you must be on the job for two full years to qualify for a mortgage. However, for certain income types, you only need to show a 2-year work (or school) history, not necessarily 2 years of receiving your current income. Since there are so many different types of income, this question can become quite nuanced. The real answer is that you do not always need to wait 2 years. 

Here are some examples where you might be able to use your current income for proof of your mortgage without waiting for two years: 

1. Salary Employees- If you are currently a salaried employee with proof that you are working full time, a lender can usually use your current salary even if you have just recently started on the job if you have 1 paystub at your current salary. 
2. If you are new to the workforce and recently graduated college or technical school, your school history can count towards your two-year employment history allowing you to use your current base income in your new field as your income. 
3. If you have recently received a pay raise and you are working full time. The lender can request a verification of employment from your employer, and you can often use your new salary or hourly rate as your monthly income. 

So, the real answer is that you don't typically need to have 2 years at your current job. You just need to have a two years’ worth of work schooling history. If you are attempting to use commission, bonus, or overtime-based income, or you are self-employed; this is when you need a 2-year history. But if you are a full-time employee, it is often the case that you can secure a mortgage without having to prove two years of your current income as long as you have a two-year job history to show.