Home Buying in Houston>Question Details

Linda, Home Buyer in Houston, TX

Great Credit, No Debt, Just worked for about 4 months, I need a home loan

Asked by Linda, Houston, TX Fri May 18, 2012

I was wondering if it's even possible for me to get a loan if my credit is around 700, I have no debt and started working for 4 months making $1500/month? I have $10,000 saved up and I've done a couple of side jobs in the past 2 years. I've talked to many lenders and they told me that I must work for at least 2 years in my field but I heard some people barely worked for 6 months and got approved. Please help!

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Most lenders want you to be working for at least 2 years in the industry. How long have you been out of work?
0 votes Thank Flag Link Mon May 21, 2012
I have done side jobs that mainly paid cash. I guess I have to rent a house or wait for a loan
Flag Mon May 21, 2012
You've been working for four months full-time and you want to take out a three hundred and sixty month loan?

I'm not saying it isn't possible, but it's on the other side of, "wise."

Keep working, save some more dough, think about taking on that sort of commitment after you've been on the job for a while.

All the best,
0 votes Thank Flag Link Sat May 19, 2012

FHA requires 2yrs in the same line of work. If you were in school and go to work in your field of study then that schooling can be considered a continuation. In other words.... you go to school to be a teacher and then get a teaching job you can buy after you get your first paycheck.

Conventional does not have this 2yr requirement.

Co-signer doesn't help. Co-signer can only add income. You still have to qualify on everything else.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
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0 votes Thank Flag Link Sat May 19, 2012

There are always exceptions, but most lenders will need to see a good pattern on your employment, thus the 2yr history. Those exceptions might include if your putting a lot of money down (20%) or specialized employment such as a teacher, police officer, etc.

I would advise to keep saving money and work on getting that credit score up. A lender can advise you on how to do this (possibly opening a credit card to show small debts being paid off).

I would look again in about 12 months (or a year and a half on your current job). Interest rates should be not much higher and there will still be a good inventory of homes to select from. I have lenders on my web site that have private investors that might work with you now, but be prepared to put more money down and pay a higher interest rate that what is being offered by most lenders.

Mark McNitt
m 832-567-4357
Bernstein Realty
0 votes Thank Flag Link Sat May 19, 2012
Yes, your lender is correct, Linda. A solid pattern in your present career is necessary to satisfy the loan underwriting requirements
Do you have anyone who would co-sign?
0 votes Thank Flag Link Sat May 19, 2012
What if I receive my income as salary? And I am a first time home buyer? I am not looking for a large loan. I just want a $60-$80K house.
0 votes Thank Flag Link Fri May 18, 2012
I will need a few more details. Or another possibility is finding a home with a seller finance then refinance when you have had your 2 years employment. click on the contact link & we can discuss the possibilities.
0 votes Thank Flag Link Fri May 18, 2012
Yes that is correct 2 years worth of steady employment you only have 20 more months to go !

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor

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0 votes Thank Flag Link Fri May 18, 2012
Let me refer you to some mortgage broker I work with. Given the information you provided, I'm quite positive we can find something for you. Please review my profile and send me your preferred contact info so I can connect you to my team of mortgage professionals.
0 votes Thank Flag Link Fri May 18, 2012
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