Financing in 22202>Question Details

Shannon Leigh, Home Buyer in 95458

My husband's looking 2 buy house or property 2 build-he may be changing employers soon-will he have 2 wait years b4 he can try 4 a loan approval?

Asked by Shannon Leigh, 95458 Sun Oct 24, 2010

He's been w/the same mid-west company for about 3.5 years but due to recent move to west coast, the jobs are too far away so he's looking to work out here w/a new company. He was told he'd have to wait at least 3 years before he would even be looked at for a loan for either a home or property to build on. Is this true or as long as he can provide, let's say 3 months worth of income statements, would he have a chance of approval? He was approved once before and offer was put on a house and accepted but he ended up getting laid off so we lost the house. Now we are stuck living w/his mother and have been for over 1.5 years and I'm hoping, when/if he gets hired on out here somewhere, that we won't be stuck here for another 3-5 years. So, if he can provide a sufficient amount of current income statements, is it possible for him to be considered for a home/property loan even though he's a new hire? Would his previous years of being w/same company be taken into consideration?

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"He's really wanting to just buy land, put a couple of trailers or something on it for the time being, pay on the property as much as he can, as quick as he can and then hopefully be able to start building"
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Cali_girl,

Before you purchase the land, do make sure that it is ZONED properly so you can put the trailers and then build when you are ready. Some parcels of land are zoned in such a way that it will allow you build a home, but will not allow to put trailers, even temporarily. Check with the county to make sure you can achieve your dreams.

Also, do make sure that the land is perked for the number of bedrooms you need, has quality well/water, sewege system or alternative septic system, etc.

Best Regards,

Vivianne Rutkowski
KELLER WILLIAMS REALTY
540-229-5429
BLOG: http://VivianneRutkowski.WordPress.com
1 vote Thank Flag Link Sun Oct 24, 2010
Hello Cali Girl,

According to your story, your husband is qualify to apply for FHA. Even though he move to other company and there was a small gap. A letter of explanation will do it. Also the job title is not the problem at all. For the down payment and job history, FHA loan is easier than conventional loan. Go with FHA, 3.5% down payment (family's help is ok) then get up to 6% seller's contribution to cover the closing cost. Good luck and if you need any help, please don't hesitate to contact me.
1 vote Thank Flag Link Sun Oct 24, 2010
Oh Cali Girl
P.S.
ALSO
This works really well to do the "land buy part". Vacant Landowners in Cali R doing this ( owner finance) now.
If you are eventually going to be able to get financing to build.
And if you pay off the land with the owner finance deal, while youre waiting for time to pass to document employment, then you will be in a good position to go to a "local" bank and use the paid off land as your down and get 100% financing on the build.
1 vote Thank Flag Link Sun Oct 24, 2010
As long as your husband has not changed job description, he should be ok. Also it will depend on the veriification of employment from the new employer.
1 vote Thank Flag Link Sun Oct 24, 2010
Hey Cali Girl,
Don't despair. I'm not clear, though was there a break in employment history for you both or was one of yu working steadily?
If both of you have been unemployed, you might want to try alternate forms of finance, ie;
Owner financing (Many investors, second home homeowners and vacation home homeowners today are looking to exit the housing market and when you do get a steady job you might go to local investment club meetings or join local online investor virtual communities or run a craigslist ad to source someone who might have a mortgage free property and do the financing themselves ( Cd are paying -1% you could offer 6%).
Living with relatives can be stressful, I hope things work out for all of you!
1 vote Thank Flag Link Sun Oct 24, 2010
No at all! As long as he has had a continuous employment and can document it, there shouldn't be a problem! Let me know if I can help with anything. I also live in the 22202 zip code!
1 vote Thank Flag Link Sun Oct 24, 2010
Hello again...to clear something up, he has been the only one working. his job is a pipefitter/welder and he had to travel to different states to work on different types of plants that are being constructed. The company he's trying to get w/now also has a position that involves welding but of course it's nowhere near having the same job title or anything but about 90% of what he would possibly be doing will be the same thing he had been doing. He ended up getting laid off about 2 months ago, which is what caused us to lose the house his offer had been accepted on but he's still labeled as an active employee through the company he was laid off from...that's how they do things, they keep the employees active for up to 6 months I think in order to keep them on the books for when the next job may come up and then they call the employee and tell them of the new job/location/pay, etc....hope that made sense :-)
He's really wanting to just buy land, put a couple of trailers or something on it for the time being, pay on the property as much as he can, as quick as he can and then hopefully be able to start building but like I mentioned, we're concerned about the wait if there would be one, for him to be able to be approved for any type of loan due to the change in companies.
Much appreciate all the information so far :-)
0 votes Thank Flag Link Sun Oct 24, 2010
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