I specialzie in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. Yes, a student out of college and started a job may qualify for a loan with one month pay stubs. I offer the CHF Access half percent down payement program with a minimum 580 fico score to qualify which can also contribute towards their closing costs as well. If your fico is between 500-579, you will need 10% down. Conventionall with under 660 fico is 20% down, minimum 660 fico is 5% down and with a minimum 700 fico qualifies for 3% down conventional. USDA Rural requires a minimum 620 fico to qualfiy. Super Jumbo up to 2 million requires a minimum 740 fico.
Here is a link, flyer, maximum income limits on CHF Access and a needs list to gather for processing a loan approval. CHF Access requires a minimum 580 fico up to 417k and then up to $729,750 requires a minimum 600 fico score to qualify FHA. Let me know if I can be of any assistance as I assist Agents/Brokers clients throughout CA.
CHF Access half percent down flyer, pdf
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, standard needs list checked, pdf
Why Rent brochure
Sheryl Arndt, Real Estate Broker â€“ Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
The borrower presents the offer letter to the lender.
Loan can fund with the receipt of the first paycheck.
Commission and bonus must be average and must show on the paycheck. Where you could run into trouble here is if one company refers to commission as bonus and the other refers to bonus as commission. The term must flow from job to the next
Student can buy with new job if he can show how his education is related to the new position. Get a copy of the dipoloma. Dipoloma shows degree in accounting. New job is in an accounting position. We can also count paid or unpaid internship with the degree for continuity.
When in doubt...have the borrower talk to an experience loan agent!
Depending on the lender's guidelines, typically a two-year documented work history is required to obtain a home loan. However, a recent college graduate regularly employed full-time in the same field as their major should be eligible if they can provide the following but not limited to: 1) a letter from their employer verifying their employment and 2) verification that their line of work is related to their education. Again, there are many variables so I would check with a lender just to be sure. Best of luck!
Go talk to a few MORTGAGE BROKERS, who have 20 plus years in the business as they know all the ins and outs.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
Another entity involved would be a reasonable explanation of what transpired. Why did this happen? Were you forced to leave, and if so, why? Does this change of employer involve higher pay, better benifits, etc?
There are several factors that should be thoroughly addressed AND presented to the lender PRIOR to making an offer. You DO NOT want to be in a battle after escrow has been opened. Legitimate lenders can help you with this matter BEFORE you actively begin searching for a home loan.
You DO NOT want a worthless letter from a loan officer stating you are qualified for a home loan based off of your current income, fico scores, etc. You want a DU Approval stating such. This is much more meaningful.
Some good answers down below. I've run into this a few times, but these are things that can delay escrow if that change of employment happens while in escrow.....or 5 days before COE.
You also need to find out what kind of probationary period there is on employees contract. This often comes down to the quality of explanation letter and ability of the LO to package a good file.
A good loan officers would question a borrower and educate them on what to do and what not to do prior to and during escrow.
How recent you talking? 2 days? 4 months?
My borrower/buyers are successfully getting their offer accepted over other buyers (even cash) using my Preferred Buyer Advantage program. This has resulted in a 98.8% pre-approval to funding percentage. (see web reference link)
This buyer program makes it near impossible for a buyer to fall out of escrow for any loan related reason.....and sellers like accepting offers with little to no risk of fallout. This makes a Realtor's job much easier....and less stressful.