I have very little income history and I just started a job 2 weeks ago. Can I get a $225,000 mortgage?

Question

Scenario:
For the past 3 years (since graduating from college) I have building my own business. I was able to survive on the income. I have not taken a job with a $55,000 salary. I've only been working there 2 weeks. Will I be able to get a $225,000 mortgage? If so, how? I have a 750 credit score.

The property I found is one-of-a-kind and it's exactly what I want.

Answer 1

You can definatly get the mortgage. But you will need at least 3- 6 months of PITI reserves in the Bank. Also You may have to show your past years tax returns or get a letter from your CPA showing your net worth if anything. This should definately help you get a home. Good luck

Answer 2

My answer would be YES, I would think you would qualitfy for a $225,000 mortgage.
You would have to apply to a mortgage company or broker an give them all of your details. A 750 credit score is very good ..... and I think that will open a lot of doors to the financial institutions.

Answer 3

Your FICO score is excellent - that's a plus.

Talk with someone you trust and inquire about a stated income/no doc loan. You'll pay a higher rate initially but can refinance once it's feasible. Talk with someone - by the referral of friends or family only - the mortgage lender will guide you in the right direction.

Answer 4

I'm a mortgage consultant and I'm telling you ( YES YOU CAN! )
I've had many clients just like you in your situation, and it can be done! Yes we can go stated on you with everything, and if you are a 1st time homebuyer, there are many other options and routes that we can take. You may feel free to contact me at [e-mail] or at [e-mail] and I will be more than willing to assist you in this process and walk you through the whole process every step of the way!

Answer 5

Sounds like a winner to me; the process is relatively simple though I recommend going "stated income". Take 30 seconds and fill out the free evaluation form at

www.totaldebtsolutionsllc.com

and we will have a loan officer call you--they will do all the leg work for you.

Answer 6

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Answer 7

I wouldn't rush into something like that right now. Your credit score seems alright, but you've only been employed for 2 weeks. Banks like to see that you've been employed with the same company for at least one year.

Answer 8

Much of it depends on the value of the property you are buying and how much down payment you got,if you put around 20% down,you should have no problem.

Answer 9

Good Luck....