Financing in 07740>Question Details

Elena, Home Buyer in 07740

considering first time home purchase, will I be able to get a loan?

Asked by Elena, 07740 Tue May 10, 2011

I currently make 50k a year, have no debt, and a credit score in the 800's. I am looking to purchase a first home for 180k and put down maybe 60k. I would like a loan for 120k. I can show I have 120k in cash and retirement accounts that I do not wish to use for a home purchase. I am 28 years old and have only been at my current job for 5 months. I was steadily employed for 4 years in a different industry right out of college until age 26. When I lost my job I traveled overseas for 2 years. I have also moved over 5 times in the past 10 years. Please advise, thanks!

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John Clidy’s answer
Hi Elena,
Call or email me when you can, I would love to help you out! I have been a realtor for over 15 years and hold the highest ranking Real Estate award in New Jersey and all of Century21 offices from New Jersey to Delaware. We have a team of professional agents that are always available. We are in constant contact with mortgage companies and banks as well! I hope to hear from you soon!
John D. Clidy
Century 21 Rauh & Johns
508 Hurffville-Crosskeys Rd.
Sewell, NJ 08080
#1 Selling Agent in NJ (2007-08,10)
Top 25 Selling Agent in the U.S.A. (2007-10)
Platinum Circle of Excellence Winner (2007-08,10)
(856)582-0366 X153
0 votes Thank Flag Link Wed May 18, 2011
Best for you to contact a reputable mortgage broker/rep in your area. They will be able to offer you the
best advice on how to proceed. Good Luck!
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Elena, I've got a very good mortgage rep I can introduce you to - send me a quick email and I'll provide contact info promptly.

He works the way I do - highly professional and responsive. You will be in very good hands.

Incidentally, you are doing exactly the right "first step" and that is ensuring that you are ready to make a purchase and if not, you will understand what you need to do to get there.

Here to be helpful!
Web Reference:
0 votes Thank Flag Link Sat Feb 8, 2014
Elana: You should ask a qualified mortgage rep this question. It only takes about a 10 minute phone call and they are usually able to offer some good advice as to which program would work best for you. Good Luck!
0 votes Thank Flag Link Thu Feb 6, 2014
Hi Elena -

Looking good! How about this, contact me and I will connect you with a good mortgage person from Bank of America who will review your qualifications with you and discuss exactly what you can afford. Rates have been better than most! A response below notes some negative feedback.. that is fine, but that is what happens when you don't pay your mortgage. period.

I can say from looking at the information above, you would be in a good position to become a homeowner!
Once you have been assured of your position, we can look at properties, there are some great buys out there right now and you are smart to look into homeownership at this time in the world.

Call or Email

John Sacktig
Broker / Manager
Orange Key Realty
Direct: 732-213-1409
0 votes Thank Flag Link Mon May 16, 2011

I also might suggest a local lender, a savings and loan or maybe your employer has a credit union, one that knows the market, knows your employer and will listen to you about your moving, job history etc. With 30% down you should be able to get it. Good Luck

Louis Wolfson
Web Reference:
0 votes Thank Flag Link Sun May 15, 2011
As long as your current job is stable you shouldn't have a problem even though it is relatively new.

Don't mean to be a party pooper (I only see rosy answers below), but fact is, you will have to satisfactorily explain the gap in employment-especially if you switched industries and your current job has no relation to your college degree.

Good luck!
0 votes Thank Flag Link Sun May 15, 2011
You have nothing to worry about!! The three things considered when apply for a mortgage: credit score, debt to income ratio, and employment history. You have a very good score, zero debt, and you are currently employed with a satisfactory work history. All that combined with your financial assets and large percentage down you should be able to get a great rate.
0 votes Thank Flag Link Tue May 10, 2011
Duh. That's "brief employment HISTORY".
0 votes Thank Flag Link Tue May 10, 2011

To the best of my knowledge, with 30% down and 800 credit scores (and plenty of reserves in your retirement account), it should work just fine. I'm a realtor, not a lender, so I'm not 100% sure about your brief employment industry at your current job and job changes, but I would say they should be only incidental factors to credit score and downpayment.,

Keith R. (848) 667-6622
0 votes Thank Flag Link Tue May 10, 2011
Hi Elena,
How's everything going? If you like you can call Rick Pristas at Superior Mortgage. He is a great mortgage loan officer. His number is 732-600-6181. He will let you know how much you prequal for. Then feel free to reach out to me, and I will send you over some listings to help you get started. Thanks.

Peter G. Apicella
Realtor Associate
Prudential Zack Shore Properties
520 Washington Blvd.
Sea Girt, NJ 08750
0 votes Thank Flag Link Tue May 10, 2011
In order to determine qualification, the type of loan, how much, how much down, etc., it's in your best interest to consult with any qualified loan officer, after reviewing your overall financial information, a determination can be made, then go from there.
0 votes Thank Flag Link Tue May 10, 2011
Elena -- Yes you should be able to get a loan. But speaking with a mortgage representative will get you the answer. Call me to discuss further: cell: 908-601-4567. I work in Long Branch and can help you. Thanks -- John
0 votes Thank Flag Link Tue May 10, 2011
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