Financing in Chantilly>Question Details

leongfin, Home Buyer in Chantilly, VA

which bank accept less than 2 year working experience?

Asked by leongfin, Chantilly, VA Wed Jan 30, 2013

Currently I am trying to get a Mortgage with 10% down, yet I only have 16 month full time working experience ( 2 year w2 , with 3 months pay on first one). I am wondering if there is a bank can handle my case? My credit score >740

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Alan Kroll’s answer
The lenders have provided good insights into this, and rates are great right now so a lot of buyers like yourself are looking now. Congrats on having the discipline of building up your savings to make the 10% down payment.

I talked with one builder today who says his company has already sold over 40 new homes this year (which is a very brisk pace for January sales). If you are considering purchase of new construction most builders have 3 month to 1 year wait for delivery timeline from contract to delivery (if they have available lots to sell).

Resale home inventory is low right now, but there is a lot of pent up demand so inventory levels will likely remain low with prices stable to increasing as we move into the selling season.

This will be a market that buyers will have to be patient and not get so caught up in the competitive mind set that leads to mistakes in the purchase process. Be patient and buy right. Alan
0 votes Thank Flag Link Wed Jan 30, 2013
Have you been W2 only are have you recent gone self-employed?

Please give me a call or shoot me an email so we can discuss your scenario a bit more. I would be more than happy to help you out. I have been originating loans for over 15 years and I am confident I can help you achieve your goals.

Elliott R. Oliva
Mortgage Planner
NMLS #353884
703.344.5183 direct
202.330.5460 fax
Washington Mortgage Group, Inc.
7619 Little River Turnpike,#350
Annandale, Virginia 22003
“Se Habla Espanol”
0 votes Thank Flag Link Wed Jan 30, 2013
That "should" be fine. All lenders require a 2 year history. So school always works. You just provide college records to show what you were doing. Or a stay at home Mom or Dad rejoining the work force is fine as long as you are W-2 salary. Not on a commission basis. Hope this helps and let us know if you need more info.


Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
0 votes Thank Flag Link Wed Jan 30, 2013
They will want to know what you were doing prior to working 16 months. School would be a good answer.
0 votes Thank Flag Link Wed Jan 30, 2013
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