No debts and Good Credit
2007-07-30 12:54:05 · 8 answers · asked by eaf6923@sbcglobal.net 2 in Business & Finance ➔ Renting & Real Estate
If you are in the same kind of business it won't matter at all. If you are new to the working world. It will depend on your ability to pay your bills. Call a mortgage broker and see what's out there for you, you maybe surprised. You could start with a REALTOR who will give you some suggestions on the Mortgage Brokers
2007-07-30 12:57:24 · answer #1 · answered by helprhome 5 · 0⤊ 0⤋
You do need to show a stable source of income sufficient to make the payments. Most lenders like to see at least a 1 to 2 year employment history in the same field and up to about 6 months in the current position. The 6 month rule is frequently waived if you have a stable employment history of better than 3 or 4 years with only one or two job changes in that time.
2007-07-30 19:58:59 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
2 years work history in the same type of business, when I say same type I mean (W2 or 1099)
2 years work history can be waived if you have a college degree (that you just got) that will count as your 2 years of work if you are in the same field as your major.
1 paycheck with a VOE (verfification of deposit) if you meet the other 2 items.
No probationary period on on your new job.
Any lack of employment will need to be explained.
This is just a very small part of what you need but I think it will answer your question.
2007-07-30 19:59:20 · answer #3 · answered by financing_loans 6 · 0⤊ 0⤋
At least 2 years constant employment with the same employer is what I've always been told. It may vary by your lender, but I'm pretty sure the general minimum is 2years under the same employer. (It doesn't necessarily have to be consecutive either, my husband gets laid off occasionally, picks up jobs between and they gave us the loan anyway.)
Good Luck!
2007-07-30 19:57:40 · answer #4 · answered by lys 2 · 0⤊ 1⤋
Well per FHA, when you graduate from college and get a job and the job was to do with you degree and you passed your 90 day probation if any, your in. Look for a lender who KNOWS and does FHA and you will be good to go...
2007-07-30 20:12:07 · answer #5 · answered by Michael L 1 · 0⤊ 0⤋
How did you manage to not work and not aquire any debts, and still find money for a down payment? I want to know your secret.
2007-08-02 11:41:55 · answer #6 · answered by love 6 · 0⤊ 0⤋
2 years is the minimum .. you can make it now
2007-08-03 03:24:39 · answer #7 · answered by Anonymous · 0⤊ 0⤋
just have enough money and it will be fine.
2007-07-30 19:56:12 · answer #8 · answered by Anonymous · 0⤊ 0⤋