I have had legitimate reasons for leaving; the infastructure changed, one wasn't entirely in my field, etc. I have always gotten another job within a month, so I assume that will help prove my responsibility. Plus, I now however have been at a job for a month- the pay is good, and it is a stable company, so I can't see myself leaving. I fear that because of my "unstable" work history, I may not get approved for a loan and I have found a house in Atlanta that is perfect for me; great neighborhood, ideal schools for my daughter, etc. Will this pose as a problem or am I worrying about the wrong thing?
2007-12-23 23:29:26 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Also, my credit score is 640. And I've only been late on most of my bills by one month if that. Is it possible for me to explain each situation for why I left as well?
2007-12-23 23:42:05 · update #1
First of all... props to you for looking ahead.
With the way the idustry has been going you have a right to worry. There are many reasons to worry, not just stable work history. You need to talk to a loan officer/mortgage broker that is willing to help you out without charging you fees. Email me if you want me to help you out with some advice, from one mom to another :P
But another option if a sale doesn't work out... Will the owners offer you a Lease Option? That might be better for you so you can get a little more stable work history, possibly some better credit (if you choose to make it even better during this time) and save some money for the owners when you buy at the end of the Lease Option terms.
2007-12-23 23:45:11 · answer #1 · answered by smartie_pantalones 2 · 0⤊ 1⤋
Your job history shows that you are unstable. Even though your credit score is ok it doesn't mean that you will qualify for a mortgage. Generally a mortgage company likes to see 2 years employment history, atleast in the same field, but not changing jobs every couple months. Also your debt to income, your open lines of credit.....the best thing for you to do is contact a mortgage company in your area and ask them, see what kinds of programs that they have. Would you be a first time home buyer? You can ask about those programs also. Do you have any money for a down payment or anything?
2007-12-24 06:36:12 · answer #2 · answered by sweet_cowgirl19 3 · 0⤊ 0⤋
Sorry, but the Red flag is up. You can try explaining and hope some lender will cut you a break, but 6 jobs in 2 years is not a good work history no matter what the reasons are.
2007-12-24 01:00:57 · answer #3 · answered by Classy Granny 7 · 0⤊ 0⤋
With all the sub-prime mortgage woes, lenders are getting pretty particular. But that doesn't mean you can't get a loan. All you can do is try. If your income is good and you've always paid your bills on time, you'll probably do okay. That's what the lenders really care about in the end, your payment history and level of debt will count more than your work history.
2007-12-23 23:42:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Don't buy a house right now. If someone does give you a loan, it won't be with nice terms. Don't do a Lease-Purchase, or a Lease-Option, or a Contract-for-Deed as these are not at all "buyer-friendly" ways to purchase a home.
Do a 12 month lease, talk to friends, family and coworkers about the Realtors that helped them buy their houses - find one that fits you. Get with that Realtor and be ready for next winter - winter is the best time to buy houses, and the weeks of Thanksgiving and Christmas are the best weeks of the year to place bids on HUD houses. Be ready to pull the trigger then.
Good luck and have a wonderful Christmas!
2007-12-24 06:00:35 · answer #5 · answered by teran_realtor 7 · 0⤊ 0⤋
Your best bet is to get a no-doc or stated income loan. These are loans that require little to no documentation of income. However, due to your credit score you will need to have a higher down payment and your rate will be much higher than somebody better credit.
2007-12-24 06:23:49 · answer #6 · answered by tianaramal 4 · 0⤊ 0⤋
Yes, this will definitely look bad. Most lenders won't even consider your income from the current job in evaluating your application unless you've been in it at least 12 months. You may have to wait.
2007-12-24 00:49:33 · answer #7 · answered by npk 7 · 0⤊ 0⤋
It show that you are unstable, at least in the area of employment, so this does send out a red flag to lenders .
2007-12-23 23:34:54 · answer #8 · answered by WC 7 · 0⤊ 0⤋
You betcha...it's called DENIAL.
No way is someone going to approve that unless you have been with your CURRENT employer for a minimum of one year.
That means that you barely stayed through the probationary period on each job.
Having 6 jobs in two years isn't responsible, it's called lucky. I would highly encourage you to stick this one out, or you will be at a HUGE risk of not even being hirable.
2007-12-24 02:17:18 · answer #9 · answered by Expert8675309 7 · 0⤊ 2⤋
Yes, generally they want to see you in the same job for at least two years. One change of employments in two years is generally ok if it is still in the same field.
They also look at legnth of time in the same house. They want you to be in the same location for at least two years.
They look at your credit rating. They look at your record of paying your bills, your debit/credit ratio, ect.
2007-12-23 23:43:22 · answer #10 · answered by mocristy 5 · 1⤊ 0⤋