Financing in Somerville>Question Details

Sarah Zimmem…, Other/Just Looking in Somerville, MA

< 2yrs Documented Work Experience

Asked by Sarah Zimmemrann, Somerville, MA Mon Aug 30, 2010

My fiance and I both have well paying engineering jobs and are looking at purchasing a multi-family. We have the ability to put 30 or 40% down on a house but we will need a mortgage for the remainder. The problem is, we both just graduated 6 months ago. We both have 3-4 summers of internship experience and I have 3 semesters of on campus job experience. My fiance was self-employed in high school, owning a computer repair business maintaining local businesses computer systems. Would this kind of work qualify us for 2 years work experience?

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5
As long as your degree was in the field that you currently work in you will be fine. For example: I have a similiar situation where some one got an accoutning degree this past December and has been a CPA for 6 months, while in college he worked here and there in the company and for internships making minimal money, but it counted as the experience and the 2 year history. If you have more quesitons please feel free to contact me (508) 864-6064
0 votes Thank Flag Link Tue Aug 31, 2010
Hello Sarah:

I'm currently listing a three family in Somerville that has a truly unique floor plan with tremendous potential. MLS list number is 71113782...check it out on my web site or call me and I'll show it to you. I can hook you up with some local lenders.


Good luck!

Damian
0 votes Thank Flag Link Mon Aug 30, 2010
Not knowing your overall finnaces--You can start by visiting with any qualified loan officer(s), see if you do qualify for a loan and how much, then go from there--your loan officer will best advise based on your financial picture.
0 votes Thank Flag Link Mon Aug 30, 2010
Find a local bank! Many of them would be more likely to look at your potential, and not just your current situation.
0 votes Thank Flag Link Mon Aug 30, 2010
Sarah,

You should be ok because you recently graduated. The time in school will count toward the 2 year requirement. Having been on your jobs for six months is a big plus. As long as your employment is stable you should be able to get a pre-approval. I am working with another buyer in Somerville and have been through most of the multi-units on the market now. I can also recommend some really good lenders to contact. I previously owned a mortgage company and specialize in multi-unit buildings. If I can be of any help let me know.

Best of luck,

Eric
0 votes Thank Flag Link Mon Aug 30, 2010
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