Home Buying in 19139>Question Details

Jessica Hayes, Other/Just Looking in Philadelphia, PA

Do you have to be employed for a specific amount of time in order to be a first time home buyer?

Asked by Jessica Hayes, Philadelphia, PA Sun Jan 30, 2011

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6
Hello Jessica,

There is no hard and fast rule for length of employment. However let me give you some guidelines. If you are self employed you would need 2 full years of tax returns in order for the lender to consider your income.
If you are coming from college and entering the same profession ( nursing school to nurse) a month of p[paystubs will suffice If you are woirking an hourly position and did not work or go to school prior to this job, six months of employment may be required. Usually a professional position will require a month of paystubs and an hourly position will require 3 to 6 depedning on the lender and the previous job or education history.


If you would like to discuss your particular situation further please give me a call.

Best Regards,
Alan Openshaw
Cornerstone Lending Inc
720 Second St Pike Suite 104
Southampton Pa 18966
Office 215 953 0800
Fax 215 953 1706
Cell 267 992 7276
Voted Best of Bucks 2010
0 votes Thank Flag Link Mon Jan 31, 2011
Hello Jessica,

I am local Realtor with Advance Realty in Philadelphia. I would be be a pleasure to work with you to find your first home. Please contact me at your convenience.

Alexander Shulzhenko
267 738 0886
realexs@gmail.com

http://www.erealtyfind.com
Web Reference: http://www.erealtyfind.com
0 votes Thank Flag Link Sun Jan 30, 2011
Hi Jessica!

Congratulations on wanting to take a step towards home ownership. I hope this info helps you.

When a lender looks at an application there are some main factors they are going to consider.

***Your employment
***Your credit
***Your assets

Most lenders require 2 years of continuous employment in the same field to qualify you.
Most lenders require a minimum credit score of 640 (FHA) , 620 (VA) , 680 (Conventional)
Most lenders will want to see a down payment of 3.5% (FHA) , O% (VA) , 5% to 10% (Conventional)

Please keep in mind ALL lenders have different requirements for their loan approvals. The best thing to do is get with a lender and submit an application. It does not cost you anything and you will know exactly where you stand in the process. A general rule of thumb is that "banks" are more stringent than "mortgage companies."

Example - Wells Fargo is a Bank / Cendera Funding is a mortgage company

As I stated, they will look at all of these areas. These areas are called compensating factors.
So if you are strong in one area but not in another they will weigh it out:

Example:

You may only be on your job for 1 year, but your credit score is 795 and you have a 25% down payment. In this case you will probably get approved. (my opinion only, no guarantee implied)

You have been on your job for 6 months but you make 100K per year and are trying to buy much LESS house than you can afford. You have a 10% down payment but your credit score is 520. You might have trouble.

I hope this helps.

Best of luck!

Jonas Mancuso
Remax / Lakeland
http://www.talktohouston.com
0 votes Thank Flag Link Sun Jan 30, 2011
Yes, lenders want to see you in your present position for at least three months. There are exceptions if you are relocating and starting a new job and have a letter of employment or contract and your perhaps receiving a better salary but, in the same career field with a good history. Certainly though with lenders still not being loose with the purse strings you'll want to talk with a loan officer who can help guide you so that you can get positioned well to get the best financing available for your particular situation.

Good luck in your pursuits,
Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
homesales411.com
Web Reference: http://homesales411.com
0 votes Thank Flag Link Sun Jan 30, 2011
Jessica
In most circumstances you need 2 years of steady employment in the same field but there are many critera's so best to go talk to a lender... most will not charge you to let you know where you stand and what you need.

Good Luck

Kindest Regards,
Dianne Hicks
HomeSmart Real Estate
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Sun Jan 30, 2011
Without many details--Employment is not the only factor considered when it comes to loan qualification, therefore visit with any qualified loan officer(s), after reviewing your overall financials, credit, debt, etc., a determination on qualification can be made, the type of loan, how much, etc.; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future.
0 votes Thank Flag Link Sun Jan 30, 2011
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