Question Details

Hanggreg, Home Buyer in Largo, FL

Hi, I am just finishing school and about to get a good job. How long do I have to wait to be approved for a loan as a first time home buyer.?

Asked by Hanggreg, Largo, FL Wed Aug 22, 2012

Also how much is generally needed down if you have good credit? Thanks, Greg.

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Answers

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You'll need at least 2 years of documented income and verified tax returns to get a mortgage loan.

You can get an FHA loan with as little as 3.5% down, however you'll get much better terms and interest rates if you can put down 20%. It's hard to predict what the mortgage market will be like in the next couple of years, but you may be able to get nearly as good rates with 10% down. I'd suggest working a year in your new job (Congratulations by the way) then sitting down with a mortgage lender to explore what options are available to you.

Don't forget to consider speaking with a Credit Union if you're able to as they operate very differently than traditional mortgage lenders and may be an attractive alternative for you.
0 votes Thank Flag Link Wed Aug 22, 2012
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