Home Buying in 89148>Question Details

Avenger55, Home Buyer in 89148

Can I get approved for a mortgage now? Or Wait?

Asked by Avenger55, 89148 Tue Mar 13, 2012

- I purchased a home in 2007. Currently being used as a rental, I live in another state. Two years rental history. Timely mortgage payments every month for past 5 years.

- Buying a new home to live in, without selling 2007 home first.

- Graduating from college with Bachelors degree on May 15. Graduated with associates degree May, 2010.

- Have worked at my job for 4 and 1/2 months. First 3 months were as an independent contractor. So 1 and 1/2 months since I started there on payroll.

- Have not had any other income since 2009 tax year, when I was self employed. Have just been in school full time since then.

- Co applicant with fair/good credit.

- Between us we have $300 a month in debt (car / credit cards) plus when I graduate I will have another $200 / month in debt.

- Gross income between us = $5,500 per month.

Thanks, hope that was enough info.

My main concern is that I haven't graduated college yet (2 months away) and my lack of long-term job history.

Thanks.

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Answers

13
You need to sit down with a licensed mortgage professional that knows lending guidelines inside and out. A licensed loan officer will need to review your application, credit, income, assets, employment and other variables before any loan determination can be made.

You have shared a good amount of details but that is nowhere near enough information for anyone to give you an answer much less a Pre-Approval. For more details on the Pre-Approval process take a minute to read this: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr…
1 vote Thank Flag Link Tue Mar 13, 2012
You would have to wait. You need 2 years of job history, a 640 or better score, 2 years of income taxes, plus other things which you don't seem to have as yet. I'd say wait because on your own I don't think you would get qualified. Speak with a mortgage professional to see what they say before you try to buy and get disappointed.
1 vote Thank Flag Link Tue Mar 13, 2012
Since you own a rental house, your 2nd home will be require higher credit worthiness. That FICO score will make or break your loan application. It would help answer your question if you got your TRUE Fico score at myfico.com.

David Cooper Investing in Las Vegas since 1994
READ MORE http://www.lasvegaswinner.org
702.499.7037
0 votes Thank Flag Link Wed Jul 24, 2013
Since you own a rental house, your 2nd home will be require higher credit worthiness. That FICO score will make or break your loan application. It would help answer your question if you got your TRUE Fico score at myfico.com.

David Cooper Investing in Las Vegas since 1994
READ MORE http://www.lasvegaswinner.org
702.499.7037
0 votes Thank Flag Link Wed Jul 24, 2013
You can do a City First Select loan one day out of BK, with a 500+ FICO (lower on a case be case basis), and 24 months bank statements. NO TAX RETURNS ARE OKAY. If you are interested, YES YOU CAN get financed today and not wait. Give me a call, and I'd be more than happy to assist anyone interested in my lower cost hard money alternative. I look forward to hearing from you.

http://thenationalrealestatepost.com/find-a-professional/mor…

Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Sr. Mortgage Loan Originator
City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com http://www.city1stlasvegas.com
Company NMLS # 3117 | Branch NMLS # 819501
Individual NMLS # 377217 NV #46175
0 votes Thank Flag Link Wed Jul 24, 2013
I see this is an old post, but if you are still interested in taking advantage of a great market please give me a call. I look forward to hearing from you.

http://thenationalrealestatepost.com/find-a-professional/mor…

Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Sr. Mortgage Loan Originator
City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com http://www.city1stlasvegas.com
Company NMLS # 3117 | Branch NMLS # 819501
Individual NMLS # 377217 NV #46175
0 votes Thank Flag Link Tue Jul 23, 2013
Once you graduate and have a job, as long as the job is in the same field that you graduated in, the lender will be able to finance you right away. Please call my lender partner Anthony Washington at All Western Mortgage 877-686-3526. He can go over the exact numbers and your scenario with you to make sure you are on the right track to buying a home!

Best of luck! Let me know if you have any other questions.
Mary Preheim
702-403-3452
marypreheim@realtyexecutives.com
0 votes Thank Flag Link Wed Mar 14, 2012
The only thing I see as being a concern is no consistent long term job history- -but contact me and I can verify your ability with a great lender. Another alternative- if you have 20% down you can do a lease option with a program I can introduce you to- you can lock in the home that you want- at today's bottom price and pay an agreed upon rental price and upon being in the position to qualify - you can buy in the same year at the same price you acquired it for- or you pay an increase of 3% per year until you are in a position to qualify- with the option to purchase within a 6 year time period. For details give me a call.
Web Reference: http://Mayteamlv.com
0 votes Thank Flag Link Tue Mar 13, 2012
You would need to talk to a licensed mortgage lender/broker to see what is available as real estate agents we know the basics of certian ones, but not of the specifics of what are involved to qualfy . Here are a few that I use: Brent Barett, Superior Mortgage 702-507-4170, Jim Losell, Imortgage 702-322-0416. If you talk to them please let them know I gave their numbers to you.

Thank you!
Stephen Messner.
0 votes Thank Flag Link Tue Mar 13, 2012
Hello Avenger, There used to be a program that was specificly designed for a college student who would be graduating. 3 years ago, my daughter applied for a home loan as she was graduating. Her job she was going to be working at was paying her with a draw against commission. The loan underwriter considered that being self employed which needs a two year history. I think your deciding factor will be what line of work you are in and if the job you have now is going to be your permanent job. What pay structure are you getting paid under? Can it be salary? The second factor will be if they have cut that loan program out in the last 3 years. You will probably not find a loan officer that is on top of this type of loan because it is not common, so be patient. Try my favorite lender -Troy -and tell him I gave you his name and said he'd look into this for you. His number is 306-2320. Once you know if you can buy a house, I'd be honored to help you find one. I hope this can work out for you. Kurt 702.656.1818
0 votes Thank Flag Link Tue Mar 13, 2012
I have a great lender that you can talk with. contact me and I will put you in touch with her. I have worked with Dorothy for over 12 years.There are some great deals in this market and interest rates are historically low.Talk to Dorothy and then we will set up a personal web page for you to view available properties.
Thank You
Suzie Marquardt
Fahrnyteam@yahoo.com
0 votes Thank Flag Link Tue Mar 13, 2012
Call me or write 702-523-4142 ivana.alexander@gmail.com I can do it right a way with 4 to 4.25 % and send you available homes for your price and area.
0 votes Thank Flag Link Tue Mar 13, 2012
It's a great question fir a lender. In order to qualify for a mortgage loan you need to show the last two years of income with the same line of job as a self employed or employee. In addition there are other factors like credit history, debt and etc.
It's better that you talk to a lender even over the phone. I will be happy to referr you to a lender.
Give me a call or email me at 702-612-7099 or cvegashomes@gmail.com

Rena Levy
Broker/Associate
Realty Executives
702-612-7099
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Tue Mar 13, 2012
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