Talk to me about a private-mortgage loan.

You should rent for at least one year to get the lay of the land.

You are seriously going to need some work history though. I only thought there was conventional (banks) and FHA loans. I have FHA since the PMI payments recently dropped. You have 20%?

I would rent the first 6 months to a year. Will give you better idea of where you want to live. Closing mortgages is not a fun or inexpensive thing so I wouldn't want to buy a home to buy a new one a couple years later.

Typically with a copy of a written offer of employment that has a start date and rate of pay along with a copy of your degree, many lenders have guidelines that will allow for that documentation and an LOX to suffice for lack of income documentation.

Honest question: Are you telling us everything about your credit and income documentation? If you are, then I want to know which lender/broker told you this wouldn't suffice (and then suggest you find someone else as they obviously lack some experience that would help you achieve your goal). If you aren't, then let us know the full picture so we can give a more targeted answer to your question.

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UpToPar

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Have you gone through this process recently? I'm young, so this is my first time going through all of this, but from what I understand, the prerequisites to be approved for a conventional mortgage loan got much more strict after the housing bubble popped. I've talked to a few different mortgage brokers with different banks and all of them said that for a conventional loan, the bank is going to require at least 1 months proof of income. As for my credit, I don't have an extensive credit history due in large part to my age, but my score hovers around 760.

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I was a certified mortgage broker in Louisiana for years. I got out some time ago. But I loved rolling my sleeves up and getting dirt under my fingernails. The money-and your reputation-got built by tilling that kind of earth in my experience.

Reading your response, I zero in one one specific issue: You're confused about the people you're talking to about your (potential) mortgage.

If you work at Essential Federal Credit Union, or Whitney Bank, you are absolutely not a mortgage broker. You are a mortgage banker or a Loan Officer. You are lending the money that belongs to the institution you work for.

A mortgage broker works for an institution that may actually lend their own money, but can also write mortgages for several-if not many-other lenders.

The main difference between these two individuals is flexibility. A loan officer/mortgage banker can only lend his own money, and is only familiar with his own guidelines and restrictions. A mortgage broker can look around and shop for a product or loan that fits your specific needs. There are many companies with many programs and the more panoramic focus you have, the better your chances.

The other thing I would point out is that banks are far, far more conservative with their money compared to a company working with a mortgage broker. This is because the loan more than likely will be held locally and become part of the assets of the bank or local institution. Because of this, the risk remains with the institution, and this expression of risk trickles down to underwriting guidelines and rules and policies that amount to most bank loan officers/mortgage bankers only being able to offer cookie cutter mortgages to cookie cutter (read: low risk) customers.

My sincere advice is to find mortgage brokers that can write and work with multiple companies in order to find you the best product that will work with your specific needs. They are definitely out there.

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UpToPar

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Thanks. Any suggestions in the South Louisiana region?

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There are several here on this Board. If they don't reveal themselves, I'll shoot you my TD.com e-mail and then respond with a few. I encourage you to discuss your situation with each of them. Don't necessarily authorize a credit pull. Just talk. Explain yourself. Then choose whomever you feel most comfortable with based on that.