Im a young aspiring first time home buyer- I have good credit and a couple of roommates in place but do not necessarily have a stable employment history, but could come up with the funds to make the necessary monthly payments. Is it still possible for a first time home buyer to purchase a home without having the recommended 2 yrs of job history?
2006-09-29 14:27:15 · 10 answers · asked by friendly_apostle 1 in Business & Finance ➔ Renting & Real Estate
Yeap...ask to go "stated"
2006-09-29 14:28:34 · answer #1 · answered by Diamond in the Rough 6 · 0⤊ 0⤋
Friendly,
You are not ready to BUY any home.
Good credit and no money =s homeless and in debt.
The roommates will open a can of legal wupa.s.s on you before you hit the street.You don't have near the knowledge to even think about this.
Ge t a stable good paying job, then get 2nd good paying job live on 1/2 of 1st job take home. Save the rest.
visit DaveRamsey.com to learn before you get cremated/burnt.
2006-09-29 14:43:56 · answer #2 · answered by Anonymous · 0⤊ 1⤋
I think you should rent for 2 years and then you'll have a 2 year job history as well as rental history! Go to a local bank who offers home loans and get a FREE pre-approval! Then you'll know for sure.
2006-09-29 14:30:13 · answer #3 · answered by 30 year old 2 · 0⤊ 1⤋
Ask! If you get turned down, ask to speak with higher up keep going until you reach a person who can lend the money without following the established guide lines. Convince that person of your ability to meet payments.
2006-09-29 14:32:11 · answer #4 · answered by baughwawn 1 · 0⤊ 0⤋
Yes it is possible. Check with a lender to see if the "stated income" loan programs will fit your needs. Real Estate is a good investment, especially if it's going to be your primary residence.
Good Luck!
2006-09-29 14:59:27 · answer #5 · answered by LasVegasMomma 4 · 0⤊ 0⤋
Stated is the way to go..also make sure go with a mortgage broker since banks directly probably wont lend you.
2006-09-29 18:41:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes you could, but boy does this sound like a bad idea. Sounds like a good way to ruin your credit thats all
2006-09-29 14:52:15 · answer #7 · answered by cjkloanguy@yahoo.com 2 · 0⤊ 1⤋
Thoeretically, yes, if the person's bank account is big enough.
2006-09-29 14:30:30 · answer #8 · answered by Kiki 6 · 0⤊ 1⤋
not unless you can prove you have lots of cash
2006-09-29 14:28:34 · answer #9 · answered by tonie... 2 · 0⤊ 1⤋
Yeah, but the interest rate would kill you.
2006-09-29 14:28:51 · answer #10 · answered by Anonymous · 2⤊ 1⤋