specifically what do lenders want as far as employment goes??
2007-02-28 19:34:22 · 6 answers · asked by jeff010101010101 1 in Business & Finance ➔ Renting & Real Estate
Actually, I do 100% financing every day. It's just that banks are tightening up their parameters. However, if you can get an Approved/Eligible status through Fannie Mae, pretty much any conforming lender will take it. Just watch out for PMI. It's pretty ugly at 100%. Best to go with Lender Paid MI, or LPMI in this situation. It bumps your rate, but you'll still be paying a lot less than what you would with PMI. As far as employment requirements, banks want to see 2 years continuous in the same field, preferably the same employer, and making enough so that your bills take up less than 43% of your gross monthly income.
2007-03-01 00:14:50 · answer #1 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
Actually, 2 years of continuous employment or more is ideal, because lenders are looking for stability of income. Also, start saving for a down payment and at least 2 months reserves for mortgage payments because 100% financing for first time home buyers is virtually non-existent in today's market. Also, watch your credit accounts, you should have more than 2 years of good standing in all payments, don't open new accounts prior to purchasing, don't leave town during the process and acceptable FICO score should be over 700.
2007-02-28 20:31:57 · answer #2 · answered by Mikel78 2 · 0⤊ 0⤋
As far as REPUTABLE lenders are concerned, they will want to see two years of continuous employment. If there has been a job change w/in that two year time period, they will want to see either a lateral move or an upgrade - no down grades. If they see that, they will probably question the circumstances.
2007-03-01 03:36:44 · answer #3 · answered by YSIC 7 · 0⤊ 0⤋
Basically you need to earn enough to afford payments on a house an example would be if you want a house say for 100,000 you need to make at least 2000 a month write me at bill67co@yahoo.com if you have any more questions or need help
2007-02-28 19:56:56 · answer #4 · answered by bill g 1 · 0⤊ 0⤋
You can buy a house with No Bank Qualifying here:
http://www.scbuyshouses.com/forms/customform.cfm?formID=32965
2007-02-28 19:44:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
All you need to prove is how much money you make or have in the bank.They don't care where you work or how you get it.
2007-02-28 19:37:47 · answer #6 · answered by Frogmama2007 3 · 0⤊ 0⤋