2006-06-06 07:19:52 · 7 answers · asked by melhamelin 1 in Business & Finance ➔ Renting & Real Estate
I have currently owned my home for the last 6 years. I recently changed jobs (3 months ago). We are planning on selling our home as we recently seperated. I would like to buy another home and I plan on using the profits of my house sale as a down payment (20%-25%). Can they refuse me becuase I just changed jobs even if I can give a good down payment?
2006-06-06 08:27:51 · update #1
The loan officer will want to see a positive credit history, proof of income, job stability, and down payment information.
You should not get the maximum amount of a mortgage for which you qualify. Property taxes and insurance premiums can go up, and there are a lot of expenses associated with owning a home. You want to stay under the maximum amount so that you have some breathing room in case you have unexpected expenses.
2006-06-06 07:30:27 · answer #1 · answered by Mama Pastafarian 7 · 1⤊ 0⤋
The real issue with the job is not that chage but is it in the same line of work? If your a mechanic and changed dealerships but are still a mechanic no problem. If your a mechanic and suddenly change jobs to a computer programmer then yes, your going to have an issue with showing 2 years continious employment in the same line of work.
If your in the first example then I don't see a huge issue with the job. Credit and down payment will be your next issue. The better the credit the less you may be required to put down. The worse the credit profile the lower loan to value a lender will be willing to lend to thus necessitating a larger down payment.
If you would like to discuss your specific situation feel free to drop me a line.
Kevin 866-562-6838 x 106
kruorock@firstratelending.com
2006-06-07 03:19:21 · answer #2 · answered by Mudisfun 3 · 0⤊ 0⤋
All the above posters are correct in the sense that even if you changed jobs, as long as you can prove income, have a good credit score you should be able to get a loan...one thing I did not see posted is that you mentioned that you want to use the profits of the sale of your old home towards your new place. You might want to talk to a Tax specialist, since I believe there is a form you can fill (i believe it the 1031) where you just transfer the profits of your last home to your new one without getting taxed. Otherwise, you get taxed on the profits of the sale of your old home.
2006-06-06 20:08:43 · answer #3 · answered by ohnoslen 3 · 0⤊ 0⤋
Contact a lender or go on line to http://www.bremer.com/mortgage/larryrefsland
You will need to be able to substantiate 2 years of continuous employment (unless you were a full-time student)
You should have some credit history, but if not, non-traditional credit references can include rent payments, utility payments, cell phone payments, etc.
You may be able to obtain a mortgage with little or no money in the bank, however the options are limited. Discuss your entire situation with the loan officer of your choice and he/she should guide you to the best option.
2006-06-06 14:27:54 · answer #4 · answered by larry r 3 · 0⤊ 0⤋
First step would be your credit if you have a credit score of 580 or more we have lenders that have programs of 100% financing. Most lender require a 2 year job history and w2's for the last 2 years. Let me know if I can help in any way
2006-06-06 14:32:58 · answer #5 · answered by cynthia f 1 · 0⤊ 0⤋
Make sure your credit is good and you've been at the same job for a reasonable amount of time. Your loan officer will help you with the rest.
2006-06-06 14:22:18 · answer #6 · answered by kathy059 6 · 0⤊ 0⤋
when your credit score goes up or is 620 but nothing less. and of curse have a job and pruf or incom and the last 3 years of IRS for pruf of taxes payments.
2006-06-06 14:21:58 · answer #7 · answered by javierporras1983 3 · 0⤊ 0⤋