NMLS # 6395
Financing Kentucky One Home at a Time
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
9am till 9pm 7 days
My mortgage contact confirmed that based on the information you have shown here, he can get your loan through after you can show 1 month of employment income (for a high-tech job that typically means 2 paystubs). He has some more questions to ask you regarding visa, etc. Hit the contact button under my profile photo if you want to know who he is and his contact info. (The reason I want to give his name and contact to you privately rather than publicly is I know 3 excellent mortgage people, but picked the 1 that I know specializes in cases like yours. I prefer not to post that 1 person's name and have the other 2 feel bad that I referred you to the other mortgage professional. All of them are excellent, but I feel one of them specializes and matches your situation best.)
HOWEVER, if you have a job that is related to your education, we typically can use that job and that income as effective income even though you may have only started a few weeks ago.
So in short, you canâ€™t buy until you actually start your job â€“ but you probably can right after you start.
"My parents is willing to help me for the down payment - at least 20%, maybe 25% or 30% depends on the price of the house. I know that I still need to wait until I start my job. I just want to know if there is any chance I can get the mortgage within 1 or 2 months (instead of typical 2 yrs) after I get my first pay check."
Most lenders will ask you a series of questions about your work/school history, finances, debt, income and the amount of your down payment.
FACT: Education CAN be considered "time in grade" for the purpose of meeting the traditional 2 years in same employment guidelines. Specifics include that the new employment must be related to the schooling. I.E., Engineering degree leads to position as an engineer. Welding certificate leads to position as a welder.
Most lenders will require a copy of degree or certificate. Some will want copies of your transcripts (yes, a lender may want to know you were getting A's and B's and not C's and D's). A copy of the offer letter for your new position AND a copy of your first pay check would be the norm. Erring to side of caution, a underwriter may ask for evidence that there is no probationary period in your new job.
The fact that you interned for the company you are being hired by is very beneficial to your cause.
Above and beyond the employment issue, I would be a little concerned about trade lines (lenders usually want three and you mention only one credit card). And, your residency status would be required (permanent resident? Visa type?).
BTW, the guidelines for most loans (FHA, VA and Conventional) all allow for using education as employment experience...most lenders will accept this for qualification. As always, talking to a licensed mortgage professional will usually garner the best results. Best of luck to you!
I second what Cindy is saying: it is best to ask a few lenders (as they vary in their guidelines).
Overall it is going to be a challenge. But best to ask the specialists: the loan brokers.
You can also find "hard money" lenders, who will lend with looser guidelines, but the interest rate will be higher. Sometimes, depending on your priorities, it could be a solution.
Usually lenders like to see 2 years of experience, but what helps you is your employment is apparently related to your 2 year master degree. (I think I can assume that without asking you based on the fact you got a permanent job after graduation at the same company at which you interned.)
By any chance, do you have parents willing to gift you some funds to boost your down payment? That could help too.
I vaguely recall my lender contact saying he couldn't do anything BEFORE she started work, but once she started her new job, he could get started working on her loan. Rules change so quickly in lending, so I'll check with him how that scenario plays out in 2012 June.
Notice however that I say "typically" because for every rule there is an exception. I dare say if you could put 35% down and had $1mil from an inheritance in the bank some underwriters for loan programs typically with slightly higher rates, designed & targeted for exceptional situations would find a way to loan you the $$$'s but in such a way as to protect themselves.
The best advise I can give you is make sure you not build a strong relationship have a Smart, Trustworthy and Caring Realtor, but also a lender. As in every industry, the skills, experience & ethics of Realtors & Lenders varies widely and you have your masters that fall into the top 5% of their trade and then you have the majority who do not possess the same skills, etc.. A top 5% Realtor will know who the best Lenders are. One of the key criteria in my book for a great lender is NO SURPRISES, they know the guidelines for loans and understand what the latest requirements are, they find out EARLY on in the purchase process what the home you are interested in has as obstacles to funding and how to work around &/or resolve them.
If you would like to connect with one of my time tested and "battle" proven lenders that I recommend to my client, email or call me!
You are not likely to qualify going the conventional route. Lenders generally like to see you in a job (same career) for two or more years. If you only have one credit card open for two years, you also may not have deep enough credit.
You didn't mention your ability to pay a downpayment or closing costs. When in doub, it's always wise to consult with a mortgage broker directly instead of asking people on Trulia. A lender needs to review your entire financial picture, pull your credit, etc.
Possibly with some creative financing; possibly private:
Lenders are basically looking at two things; your history of paying your bills, (limited) and your job dependability, (non-existant).
If you do secure a private loan now, you may find that you will be paying an exorbitant interest rate; perhaps it would be better to squelch your impatience and rent for awhile.
Good luck and may God bless