Me and my fiance' is trying to buy a home but the thing is he hasn't been on his job for a year yet. My question is can we get a loan with him being on his job less than a year. We also have 10% to put down on a home and our credit is good.
2007-12-17 13:01:40 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
There isn't a requirement to have a job. I know unemployed people that have bought houses when they didn't have a job lined up even.
Some loans don't even look at employment history or income they look at your net assets and FICO score and assume if you have both in good position you will pay your mortgage.
Most people don't have enough assets and a good enough FICO for that so they want you to have stable income and enough. So want you to have a steady job and be in the same industry for more than 2 years.
2007-12-17 13:34:51 · answer #1 · answered by shipwreck 7 · 1⤊ 0⤋
Hello, good Question. And you have alot of informative answers.
1. It depends on the lender - as todays market has changed the industry. Since you have 10 percent down, you only need 90 percent + closing costs. Seller can help with up to 6 percent of closing cost. With anything over 80 percent financing, you will have to escrow your taxes and insurance in your payment - and the lender will collect anywhere form 3-4 months to start your escrows.
2. Now you can request (if you are going conforming) for a escrow waiver. If you go FHA, there is NO waiver. Visit www.hud.gov and Educate yourself. Reading, education is the key. But please, do not apply for any credit cards, purchase any high cost items (tv, etc). thru any electronic stores, etc, since they will pull your credit.
Another site: www.fha.gov
www.fanniemae.com
www.freddiemac.com
One other thing - 2 yrs job time in the norm. Period. But, you can use college transcripts - if you were in college, and just starting out on a job. Like I mentioned - Lenders need to know that your job is stable, as to income. They want to make sure they will get their money. Especially with all the Forclosures in the market today.. If I can help in anyway, let me know - but the site's listed will give you much information/ Sorry but you may end up getting "brain overload"
2007-12-17 14:37:19 · answer #2 · answered by W. E 5 · 0⤊ 0⤋
It has more to do with your ability to pay than the amount of time on the job. If you have a good down payment, good credit, and enough income to meet the lenders' requirements, then you stand a good chance.
Look for a lender with good rates and low fees. You can request to be prequalified, so you'll know in advance that you qualify for the loan and how much your monthly payment can be. Just keep in mind that lenders will often qualify you for larger monthly payments than is prudent. Make sure that you have enough income left over for taxes, utilities, maintenance, and insurance.
Good luck!
2007-12-17 14:22:16 · answer #3 · answered by The Shadow 6 · 0⤊ 0⤋
2 years is the standard.
For the person who replied that you don't even need a job, that was correct a year ago.
NINA loans or NODOC loans are a thing of the past now. My state even outlawed them.
2007-12-17 17:41:16 · answer #4 · answered by rachel s 1 · 0⤊ 0⤋
2 years if employed, 3 years if self employed. i won't be able to think of of any incorrect way of having a house faster except a million) you could positioned down a super down charge or 2) your dad and mom are prepared to cosign on a private loan with you -- which I truthfully does not advise.
2016-11-03 22:02:12 · answer #5 · answered by jackson 4 · 0⤊ 0⤋
You need 2 years employment history on your loan application. This can include his previous job, preferably in the same line of work.
2007-12-17 13:10:43 · answer #6 · answered by Anonymous · 0⤊ 2⤋