Financing in Westfield>Question Details

Tony1515, Home Buyer in Westfield, MA

Can I get appproved for a mortgage if i just grad college and started a new job..good credit score about 700

Asked by Tony1515, Westfield, MA Mon Jun 15, 2009

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Lesley Lambert’s answer
Tony, congratulations on your recent graduation! I am guessing that you are a first time homebuyer. I have many contacts in the local lending field that might be able to assist you. Good luck and feel free to get in touch if you need some help!
0 votes Thank Flag Link Mon Feb 8, 2010
As a young person applying for your first mortgage, having good credit are a step in the right direction. I would suggest you do the following:
1) Add up your monthly debt (student loans, auto loans, revolving credit) and know what your minimum monthly payment is.
2) Calculate your monthly gross income.
3) Figure out where your down payment is coming from.
Once you add your monthly home payment to your monthly recurring debt and divide it by your gross income, you will have a Debt to Income ration (DTI). Remember the monthly housing payment consists of:
1) Loan Principle and Interest
2) Real Estate Taxes
3) Hazard (homeowner's) insurance - or in the case of a condo, monthly homeowner associations fees
If your DTI exceeds 45%, you most likely need to stay in your current living situation for at least one year.
If I can be of further assistance, my contact info is in my Trulia proflile, and I am happy to answer any further questions you may have.
0 votes Thank Flag Link Mon Jun 15, 2009
good morning tony.....great suggestions below.also, don't forget.the number of tradelines and the length of time the tradelines have been open is important....not just credit score.....also.....many lg. companies may place you on temporary status even though you are fulltime.ask them if you will be listed as temporary......a verification of employemnt will be sent them.if you come back as temporary..you cannot close until the temp. status is lifted...........best of luck...........bob mcclure- success mortgage partners- plymouth, michigan.....
0 votes Thank Flag Link Mon Jun 15, 2009
Hello Tony,

Yes, you can get approved and you'll need a few things to provide an Underwriter:

Copies of your transcripts listing the date you completed your education.
If there is a gap of more than a few weeks between graduation and your first date of employment you'll need an explanation letter.
If you are borrowing the down payment (i.e.- gift of equity from parents) make sure you have clear documentation history of the transfers of funds.
If the position is full-time that it a plus, and hopefully you've been there at least a month or two to provide paystubs.
*Note: there may be more items required depending on the lender, but these are the basics.

Also, make sure that you are not spreading your credit inquiries around. Don't shop for a car and open new credit cards the same month you're looking for a mortgage, that can have an impact on your credit scores over time.

Are you considering a Conventional or FHA mortgage? The guidelines and down-payment requirements are different. Now's a great time to buy a house, congrats and good luck!

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com
0 votes Thank Flag Link Mon Jun 15, 2009
It's going to depend on several things, but if you have a full-time job and good credit history, you should be able to qualify. The best thing to do is to talk to a reputable mortgage lender. It's a great time for first-time buyers now, because of the $8,000 tax credit. If you want more information about how to start the process and what you'd need to do, feel free to give me a call - 702.0058 - or send me an e-mail, Laura@TalktoTucker.com.
0 votes Thank Flag Link Mon Jun 15, 2009
My experience these days suggests that you can get a mortgage if your parents are willing to gift you a
sum of money. Unless, of course, you have a large down payment on your own.

All the best,
Karen
0 votes Thank Flag Link Mon Jun 15, 2009
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