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| Home Loans Posted by BugAC Looking to buy a house soon. What are qualifications to get a loan?  on 4/3 at 1:03 pmMe and my girlfriend just started new jobs about 2 months ago, but i've had steady employment for 7 years. I've heard, though, that you must have proof of employment through the same company for 3 years to get a good loan. Reply • Back to Top |
| no you need 2 years of work history to get a loan. if you make overtime or bonus at your current job you cannot use that income to qualify for a home loan.. Reply • Back to Top |
quote: I know this is unsolicited, but if you are implying you are going to purchase a home with your gf, I highly recommend not doing so. If you do, I'd get an attorney involved to have an agreement in place. Reply • Back to Top |
| Prepare for your anal exam. Just went through it. Locked in at 4% today. Reply • Back to Top |
quote: You are good if you have a history of stable income, switching jobs will not hurt you. It is not that difficult to get a home loan if you have good income and good credit. Reply • Back to Top |
quote: What if you just don't really have much credit? I'm only 24 and have had a credit card for less than a year. I opened a CD to pay for my car over 3 years ago and paid it off last year, but I'm not sure if that really builds credit. Is it crazy for me to think I could buy? I would try to get something in the 150k range. Would I get a loan or is this wishful thinking? This post was edited on 4/4 at 11:55 pm Reply • Back to Top |
| Good interest rates now Reply • Back to Top |
| Donnie You paid a car which helps your credit profile. And a credit card for almost a year. If you pay rent and have a 2 year job history, you could likely qualify fo a no down payment USDA loan. Reply • Back to Top |
| USDA Rural Development Loan features up to 102% Loan To Value (IE-100K home you can get a loan for 102K - I DO NOT RECOMMEND THIS AT ALL). RD Loans as they are called also require you to buy in areas certified on the Census maps as being "rural". In my area, that includes all of Livingston & Tangipahoa, & most-if not all-of Ascension. The only areas that qualify in East Baton Rouge are up and down Greenwell Springs as well as an area near Tiger Bend/Hoo Shoo Too Road. They do not include Mortgage Insurance requirements on these loans. You can get them directly through USDA & have them subsidized based on your income (highly recommendable), or you can get them "guaranteed" through USDA but originated, serviced & closed through a conventional lender (In my heyday, I loved Chase's RD & Countrywide's RD processes the most. Not sure who does them mostly now). As far as credit requirements go: With a 640 credit score, you need not worry about derogatory credit marks or history. You can qualify for 102% at that mark. With a 620 credit score, you need to ensure you have not had any collections and/or deliquencies within the last year. Income wise this may trip you up. You cannot make over a certain amount of money-and this is somewhat strict. I suggest-if you're interested-in contacting the local Rural Development Office. Its in Amite & its easily Google-able. Good Luck. Reply • Back to Top |
| What is your girlfriends work history? If she doesn't have two years solid they aren't going to count her income. If she used to be part time and is now full time they will average her income. Reply • Back to Top |
| What about my situation. Fiancee has been working full time as an RN for 5 years and I will be a teacher in under 2 years. I haven't had to work since I've been on the GI Bill and currently in the Guard. I just assumed they wouldn't look at part time jobs or guard stuff anyway. I can live comfortably off the $1400 a month I get from the guard total with school paid so I don't really want to work since I'll do it the rest of my life. We'll net 65k a year with zero debt. Will my limited work history hurt us? This post was edited on 4/5 at 10:29 am Reply • Back to Top |
| Again, only buy a home with a SPOUSE. Anybody else is asking for a frickton of trouble. Reply • Back to Top |
| I know that and we will be married in September and won't even look until 2 things 1. We are married and 2. I have a job. Just curious if my lack of work history would be a problem if we went a month after I got a job. Reply • Back to Top |
quote: They do now require monthly mortgage insurance, although it is very cheap. quote: USDA loans have income restrictions for both the direct and guaranteed programs. The income limit will be lower for the direct program. Also on the direct program, be sure you understand the recapture feature. quote: Not sure if Amite is still operable, I do know the files that used to go there for underwriting are now going to Alexandria. You may wish to contact your local USDA office for the direct program and a mortgage lender for the guaranteed program. Reply • Back to Top |
quote: You will need solid and consistent income to qualify for a loan. If you qualify for a VA loan, once you get your teaching job, you will qualify for a VA loan, if you have a job in your field, assuming a teacher would satisfy this. Reply • Back to Top |
quote: Not entirely true. If she gets a job in her major field, and has only worked for a small amount of time, producing a copy of her degree and a Verification of her Education could suffice for work history if she has acceptable credit history and perhaps some different types of verifiable credit history (IE-proof she pays bills like a cellphone, privately financed car-note, monthly or semi-annual insurance payments for her car, or utility bills). These are often referred to as alternative trade lines and can be used in certain instances, along with what I mentioned about her degree. Reply • Back to Top |
quote: Shouldn't be . . . . if you go FHA. We got an FHA loan and I hadn't even started working yet. I just had a letter from my employer that stated they were hiring me, my start date, and my salary. Reply • Back to Top |
| The Amite RD office moved everyone to Alexandria if i remember right a couple of years ago. RD loans are hard to beat for first time homeowners. With the cost of FHA loans going up again this month they look better and better.. NovaBill=mortgage guru taught me a lot when i worked for him Reply • Back to Top |
quote: Give me a hint hawk: who are you? I think I may have figured out who you are. Initials JS? Thanks for the complement. This post was edited on 4/5 at 8:39 pm Reply • Back to Top • Refresh |
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