I am relatively fresh out of college. Since then (1.25 years) I've lived off a very small business. Just a month ago I took a job for $55k+. How do I qualify for a loan with a shakey and short history?
2007-01-12 07:48:05 · 7 answers · asked by shopalldeals 1 in Business & Finance ➔ Credit
If your new job is paying you $55K as a salary or hourly wage, you should be able to qualify for most normal products.
If any of it is commission, bonus, anything not guaranteed, you'd only be able to qualify off the base income, at least for the first 12-24 months.
Your loan officer would typically have to run you through one of the automated underwriting services to use a new job like this.
2007-01-12 07:54:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well there are many Loans just for the first time home buyer. Also if you have had any Old W2's to show some sort of work history.
Also your New job that you took I would give it a good 6 months then apply for an house loan. Even though most banks like to see one year. Also if you have a nice amount of Capital to put down. Even though most banks ask for 10 percent and up you get down to 5 percent and even sometimes lower.
2007-01-12 08:06:54 · answer #2 · answered by slimb20413 3 · 0⤊ 0⤋
Honestly, you can't with prime rate lenders, but sub prime lenders will be very happy to lend you money, but will slap you with a painfully high interest rate considering you don't have a well established credit or employment history. Most people fresh out of college can rarely afford to buy property and opt to rent instead until they establish themselves financially, which will take about 6-10 years at best.
2007-01-12 07:58:24 · answer #3 · answered by shlangemann 2 · 0⤊ 0⤋
Not really a problem as long as your credit scores are decent and your job is in the field of your degree. All you should really need is 30 days paystubs or an employment contract and you should be set.
2007-01-12 07:58:59 · answer #4 · answered by flamingojohn 4 · 0⤊ 0⤋
Fill out the free evaluation form at www.totaldebtsolutionsllc.com and we will have a loan officer call you.
2007-01-13 10:17:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
once you're utilising for a loan mutually, then your blended earning and credit rankings will be used to verify once you're eligible and for a way a lot. it is not basically earnings it really is taken under consideration besides, debt to earnings ratio is likewise a determining aspect.
2016-12-02 04:23:25 · answer #6 · answered by mrotek 4 · 0⤊ 0⤋
Take on another identity
2007-01-12 07:50:32 · answer #7 · answered by Anonymous · 0⤊ 4⤋