I might also suggest that you work with Heather at Blue Water Credit to have her advise you on the fastest way to build your credit history. She can be reached at (916) 315-9190 or email@example.com.
You may find that investing your proceeds, and paying rent WOULD actually work in your favor so there's more analysis to do on that topic. Don't rule it out, but consider all options.
good luck to you!
I was a retail sales manager before stay-at-home mom, now I work part-time at a middle school cafeteria, I do have a letter confirming I still have a job after the 2 month summer break.
A few people who could co-sign for me have had jobs for years, my ex offered and he makes 100,000$ a year. He was told to get his loan for his house he's building first, then he may be able to co-sign. (I don't think he will be a good co-sign option)
I've been working the part-time job and taking online classes for Digital Arts in hopes of another job soon.
The divorce is final, I do not receive the equity until the house sells, of course, also, I won't receive Child Support and Spousal Support until the house sells.(As Ex is paying for mortgage and utilities as supplement for Child Support/Spousal)
Sometimes the lender rules aren't fair.
Also, is your divorce final? That will be another question the underwriter will ask...
Please feel free to call me to discuss!
If you need a reference for a lender I would be more than happy to help you.
Lyon Real Estate
with excellent credit and a large down payment as compensating factors you should have no problem getting approved as long as you document everything. do not go to a hard money lender.
Has your current loan officer said that you could not obtain a loan today?
Please call and I can have one of the loan officers I help, help you.
I will help even if you alreay have another Real Estate Agent.
Over 24 years of experience
in Real Estate Services
Sales / Insurance / Mortgage Training
Connect Realty Inc. (Real Estate Sales)
J.E. Collins Insurance Agency
Home-Auto-Umbrella & Toys
Dept. of Insurance # 0H71400
Dept. Real Estate # 0104820
All we require is proof that you had gainful employment prior to your maternity and the new job can be tied together, meaning you are in the same type of industry. It would really help seal the deal if you were on salary not hourly. If you are paid hourly you could be income averaged over the 24 months unless you can get a "At-A-Girl Letter". Something like:
To whom it may concern,
Although Mrs Smith has been with this company a short time, she has proven herself to be a valuable, trustworthy, and reliable employee. She is currently employed as a ______, and she is required to work a minimum of 40 hours a week. Her continued employment is excellent.
With a strong letter from the employer, I am sure can get a home loan having been on your current job less than a year. As far as credit, we and some other lenders do not require a minimum amount of tradelines reported on your credit, but do require a minimum 620 middle credit score. Inquiries are immaterial and can be explain as you have been shopping for home loan.
Hopefully this information has been helpful.
Best of Luck!
Along with your hefty down-payment, a lender might want to see enough cash reserves to make up for the lack of employment history... but, even with a down-payment, and cash reserves, your income would need to support the size of the monthly obligation...
Talk to a local lender that corresponds or brokers with several different institutions and investors... If you are having trouble with a particular lender (bank in this case) it could be due to their particular lending "overlays" (criteria to lend), but you could be eligible through another lender...
Is this a job with which you have had previous experience?
You say you have a co signer. Does that person qualify alone? If so, you should be able to be on the loan with them.
Do not have nay more credit inquiries pulled. They should go away after 90 days.
email me with specifics: firstname.lastname@example.org