I want you to know that is more common than you think. People are changing their careers as our economy shifts from production to services. I have lots of experience in this area. Case in point, I had a young man who was working a Movie Theater for two years as a P/T employee while in High School and then a short after he graduated. He then got great job which paid him an hourly wage (not salary) but was full time. At the time of application he had 12 months on the job with an Environmental Cleanup Co. That's a far departure from selling Popcorn don't you think?
He told me that he applied with his bank and then a Mortgage Broker only to be told (like below) he needed a 2 year history. Long story short, I was able to get his loan approved with only 1 year in a NEW FIELD. This is an area where there is much misunderstanding. I have earned my skinned knees and multiple bruises over the years so I know where the envelope is. If you want to the best possible outcome when applying for a loan, you need to work with an expert, someone with lots of experience and a line of closed transactions.
Read my Recommendations, most of these people were told the same thing you were told....NO. If you need assistance, please don't hesitate to call me. Best of Luck!
American Financial Network, Inc... more
The seller may be trying to avoid heavy tax penalties within the first 5 years, this would be reasonable to have a prepayment penalty. You do have the option of not accepting.
The 2nd point concerns me, it sounds like a land contract and not your typical deed of trust. In which case, you the buyer, are giving up a lot of rights. Be cautious and get the proper counseling.... more
There are alot of options. Just like purchasing anything, it is all in the details. Square feet, bedrooms, bath and of course price point. I can send you information on any of these. Let me know.... more