Geoff Jenkins, Both Buyer and Seller in Milwaukee, WI

Looking to take advantage of the $6,500 tax credit.

Asked by Geoff Jenkins, Milwaukee, WI Tue Nov 24, 2009

I am looking to upgrade to take advantage of the $6,500. I currently own a condo, and have about $30,000 in equity. I am looking to purchase a home in the $100,000 price range. So, I would have 30% down. The problem is that I recently lost my job, but I am starting a new one next week. My payment would be about the same, and my credit score is 800. I also have no credit card debt. Just wondering if I would have a problem getting a loan, even though I have enough down?

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7
Actually, you have to have lived in your current residence for 5 of the last 8 years!
0 votes Thank Flag Link Tue Nov 24, 2009
The tax credit requires you to live in current resident at least 3 years but you may want to double check that. As for the change in employment, is it the same line of work? Sometimes they may make you wait until the probation period is over. I would not appear to be a problem getting a loan but i would advise you to apply with a lender/broker and see what they say before you sell your condo that way you have all the options first.
0 votes Thank Flag Link Tue Nov 24, 2009
With a very high credit score and large down payment, the underwriter will grant you much more flexibility than somebody with a low down payment and lower credit score. I do not think you will have any problems.
0 votes Thank Flag Link Tue Nov 24, 2009
Fannie Mae requires that you stay in th same line of work an income stays the same or goes up. You can't be unemployed for more than 30 days without running into some barriers. FHA requires an explanation for unemployment but may be eaiser to qualify for.
0 votes Thank Flag Link Tue Nov 24, 2009
As long as you were out of work for less than 30 days and your new job is similar to your old job you should be fine.
0 votes Thank Flag Link Tue Nov 24, 2009
Jeannine's answer is very informative and hits the high spots of what I would tell you as well. Just as an FYI, you must have lived in your home for 5 of the last 8 years as your homestead property to take advantage of the homebuyer credit.
Web Reference: http://www.scwihomes.com
0 votes Thank Flag Link Tue Nov 24, 2009
That is something to ask your specific bank about. If the new job is similar to your old one, there may be a way to do it. Also probably depends on how long ago you lost your old job! I would call a few different banks or mortgage brokers and tell them your scenario.

Jeannine Whitaker
0 votes Thank Flag Link Tue Nov 24, 2009
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