Question : How long at the job to qualify for home loan?
I have been at my job for several years and currently own a home. My fiance is finishing college shortly and will start a new job hopefully by the end of the summer. My credit score was just under 800 when I got my first home loan and should be the same today. I don't know her score but she claims to have good credit, but limited. She never makes any late payments. Our debt, other than my home loan which would be sold before we get another home loan is about $3000 left on her car and she has about $20,000 in student loans. How long will she need to be at the same job before we can get a loan using her income? I do not make enough money on my own to qualify for the house we would like to purchase.
- asked by Jim
All Answers:
Answer #1
Typically 2 years is what they're looking for. However, that can mean 2 years at a part time jobif you also have a full time job that you may havequickly moved from one company to another. However, if you can't swing affording the house onyour own (what if something happens to her? whatif she can't find a job? what if she get'spregnant?) then you probably should be looking atless expensive homes until you have some equitybuilt up.
- answered by Neenie
Answer #2
At least one year. If its in the same field as aprevious job that will help.
- answered by Frank J
Answer #3
The really answer is 0 years. Some lenders off nodoc programs that allow you to do a loan with outhaving to supply any employment information. Iactually received a 100% no doc mortgage loan from
http://clearmybills.com with my score being in thelow 700's. Cheers!
- answered by pm1961
Answer #4
Hello Everyone, My name is Mr Paul Waltersand i am a private money lender that rendersfinancial assistance to those in need of loans atan interest rate of 3% thus if you are in direneed of a loan, contact us viapaulwalters12@yahoo.com NOTE: THIS OFFER IS OPENED TO ALL!!!
- answered by paul p
Answer #5
You can get an FHA loan (government backed) with afixed rate around 6.5% with no pre-paymentpenalties and use college as years on the job, aslong as she got a degree and is going in the sameline of work that she got her degree in. Plus,her student loans may already or possibly can bedeferred to help you get into your new home. Shewill just need a letter from her future employerstating what she will be making and when she willbe starting. You might need one paystub from hernew employer before you can close on the newhouse, but you might not either. Call or e-mail meanytime if you would like to talk further aboutthis. I'm licensed to do loans in these states:MI,IL, IN, TN, AL, MO, OK, OH, FL.Thanks and goodluck.David WoolmanLoan Officer(800) 678-6663 Ext.5126 Toll Freedwoolman@shoremortgage.com
- answered by davidt5w6
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