Not Legal Advice: Every bank that offers loan will look into many criteria prior to sanctioning it. And employment stability is a crucial aspect for home loan consideration.
FinanceBuddha.com notes that unless the applicant is salaried and employed for at least 2 years in the current profession or if the applicant is self-employed with minimum 5 years of total earnings loan will not be processed.
And if you're going to apply for an FHA (Federal Housing Administration) loan in Oklahoma, same rule applies. You must have a steady employment history or have worked for the same employer for at least two years.
However, it's doubtful that you'll be able to get an FHA loan on amount that small. A surprising number of people face the challenge of getting a small home loan under $50,000.
A home loan lender doesn’t typically offer mortgages for less than $50,000 because the standard, minimum mortgage amount is $50,000. It’s not worth it for banks or financing companies — or to the borrowers, in most cases — to make these loans.
But just because small home loans are tough to find doesn’t mean they’re nonexistent. To find small home loans, you have to go to small institutions, and your first stop should be your local bank. If you have a relationship with a community bank or you’re a credit union member, you might be able to negotiate a small home loan.
Read GoBankingRates.com's How to Find Small Home Loans Under $50K for more info.
Tip: Choose which one will offer you the best deal with Bankrate.com's tips on finding the best mortgage lender.
And for a list of the best mortgage lenders out there, see NerdWallet's top picks for mortgage lenders, listed by category.