Down payment makes a big difference....
Job situation may or may not be a problem, depends on the program.

I would say that you haven't said anything here that would make me think you shouldn't apply.

You have options!!!

Apply!! And let us know how that goes!!

Vipm_barbie,

Going from self-employed to w2 (as long as in the same line of work) should not be an issue. Its actually a little less risky for the bank. As for your fiance, as long as he has a 2 yr work history in the same line of work with no gaps of employment (gaps are 3-6 months), you should be ok. You can use being a full time student as part of that job history as long as the education is in a related field. The key is keeping the same line of work and you should be ok. If you need more help, just let the community know.

Best advice ever: Go to a Mortgage Loan Officer that is independent from the agent. Don't discuss financing with the realtor. They are not in the trenches, dealing with underwriters, and getting a good feel for what will work and what won't. Also, guidelines change from bank to bank with a lot of frequency and rates change several times a day. You don't want to mess around if you are getting an FHA loan. One denial due to an oversight from an over-anxious loan officer can end up very detrimental to your financing.

There are a number of factors that play into getting loan approval, and stable employment history is one of them. If you both just started new jobs, that could be detrimental - but could also be offset by your ability to put up a sizeable down payment. I suggest you get started talking to a mortgage lender, they would give you free consultation to assess your financial situation and determine if now is the right time for you to make that purchase. I'm sure you are also aware of the first time homebuyer credit which is a great opportunity if you can take advantage of it. I can give you some qualified lenders to contact if you would like to get started.

Hi,
To answer your questions, the work history does not matter as much as whether or not it's been in the same field of work. That is important. Also, the larger downpayment will make a difference. The best thing to do is talk with a loan expert. I know several and can also set you up on a custom website that search each night and sends you homes to look at that meet your search criteria.

I also offer a service to my buyers where I will preview a home via video for you, and send the video to you via email. It saves a lot of my buyers time, particularly when they both work or are out of the area.

Please feel free to call me anytime to talk more about these options and your questions.

thank you
Rhonda Perales
Keller Williams Realty
Lake Conroe, TX
713-294-3808
sellwithRhonda@vmdirect.com

It depends on who you borrow from. In some cases there are what are called, “No Doc Loans”. Theses are loans that are based on how much money you actually have and if you have capital and a steady deposit history that coincides with the self employed work you state you do.
Even in today’s times there are those who will lend to still and no offence “Just about anybody.” But then there are the interest rates.
As a RESPC (See Profile) I have worked with clients with somewhat out of the norm income sources.
Your main goal should be to find out who will give you a loan and then compare their suggested interest rates. Although some companies charge a fee to CONSIDER YOUR Loan Application but not everyone does. Also think about who would Co-sign if this is at all possible.
If you can, get a co-signer that would make it a whole lot easier.


Liz Steele
Financial Specialist
Hawthorne Capital Corp.
Phone: (212) 231-0062 Ext. 5183
Cell: (347) 819-5682
Email:
To: LizSteeleSP@gmail.com
Cc: info@hccbank.com

Vipm Barbie,
If your fiance's self employment has any semblance to what he's doing now than his income will be used and the short history on his current job will be fine, as long as his current employment is not strictly commission based. Even in that scenario, if his income from being self employed in the same line of work is consistant to now we would be ok with that.
FHA requires a 3.5% down payment. You may need to put more down to make debt ratio work.

Good luck

Work history is important but it doesn't have to be at the same company. If you can show that it is in the same field of work you should be ok. Down payment will help.