Hi Gabe,

Not sure if you're still shopping. You can always consider purchasing an owner financed home. I'm an investor that specializes in selling owner financed homes to buyers who cannot qualify for a traditional mortgage. With my owner financing program you'd still qualify for the $8,000 tax credit.

Take a look at my website below. You can also call me at 373-6131 to discuss any of the homes you see on my website and/or to discuss how my owner financing program would fit your needs.

We've owner financed a home to a mortgage broker and attorney just recently. They found our owner financing program much more flexible than the traditional financing options they had.

Best of luck.

Jessica
http://www.GreatHomesTexas.com
http://www.AustinOwnerFinancedHomes.com/

PS. Avoid rent to own, lease purchase or lease option. You won't get the deed to the home or any of the tax benefits. That is not the type of owner financing we do. With us your name goes on title and you get the deed the day you pick up your keys at closing.

Hi Gabe,

Not sure if you're still shopping. You can always consider purchasing an owner financed home. I'm an investor that specializes in selling owner financed homes to buyers who cannot qualify for a traditional mortgage. With my owner financing program you'd still qualify for the $8,000 tax credit.

Take a look at my website below. You can also call me at 373-6131 to discuss any of the homes you see on my website and/or to discuss how my owner financing program would fit your needs.

We've owner financed a home to a mortgage broker and attorney just recently. They found our owner financing program much more flexible than the traditional financing options they had.

Best of luck.

Jessica
http://www.GreatHomesTexas.com
http://www.AustinOwnerFinancedHomes.com/

PS. Avoid rent to own, lease purchase or lease option. You won't get the deed to the home or any of the tax benefits. That is not the type of owner financing we do. With us your name goes on title and you get the deed the day you pick up your keys at closing.

Hi Gabe,

Not sure if you're still shopping. You can always consider purchasing an owner financed home. I'm an investor that specializes in selling owner financed homes to buyers who cannot qualify for a traditional mortgage. With my owner financing program you'd still qualify for the $8,000 tax credit.

Take a look at my website below. You can also call me at 373-6131 to discuss any of the homes you see on my website and/or to discuss how my owner financing program would fit your needs.

We've owner financed a home to a mortgage broker and attorney just recently. They found our owner financing program much more flexible than the traditional financing options they had.

Best of luck.

Jessica
http://www.GreatHomesTexas.com
http://www.AustinOwnerFinancedHomes.com/

PS. Avoid rent to own, lease purchase or lease option. You won't get the deed to the home or any of the tax benefits. That is not the type of owner financing we do. With us your name goes on title and you get the deed the day you pick up your keys at closing.

Dear Gabe:

I highly recommend contacting a lender. Why don't you try Tommy Xintaris with Envoy Mortgage in Houston? Envoy is a direct lender with many program options available. You can contact Tommy via email at Tommy@TR-MG.com

It is in your best interest to arm yourself with knowledge and I have nothing but wonderful things to say about Tommy and Envoy. Keep me posted!

Take care,

Mary Strickler
Prudential
mstrickler1@austin.rr.com

Try a home with owner financing.

There are many ways that you can get into a home...and still make the tax free deadline! But you better hurry.

As far as mortgages go, I honestly am not the best person to answer whether or not you will be able to qualify. I would follow the suggestions of the individuals below who seem to be a bit more qualified in that regard.

BUT, are you really wanting to own a mortgage? Or do you just want to own a home? There is a HUGE difference here. There are many homes on the market that offer seller or owner financing. Going this route means you will not have to qualify at a traditional bank to get financing for the home you are looking to purchase. Essentially the seller/owner is the bank, so as long as you can please them and make them comfortable with your finances and making the payments on time, you should be good. In fact, I have several homes in and around the Austin area that I am currently looking to sell with owner financing. With your credit score and down payment, I am confident that we can find you a home as long as you can meet the monthly payment requirements. If you are interested in owning a home without qualifying through a bank, please visit my website below and contact me as soon as possible!

Gabe,

Sounds like you are in a unique situation. You have 2 strong legs on the 4-legged traditional lending platform. Your Credit is strong. Your Capital is strong w/ 20% down. If you can find a strong deal on your home then your Collateral will also look firm, but obviously your Capacity is lacking.

Your best bet would be to take your situation to a larger bank and lending institution or perhaps a very strong local credit union or bank? I know Bank of America in the past has been able to work on certain "non-traditional" loans as yours as there is usually some investor out there that will be willing to loan the money. However, perhaps you may also just try to reach out to "private" money lenders? More and more I'm seeing on social networking sites that there are private money lenders looking for something that suites their fancy and is attractive. That may be something you could look into as well.

God speed on your endeavors.
Josh

Gabe:
Certainly we don't have enough information to really give you an answer on this. The amount of your current ROTC income and the purchase price of the home are important.. But the main question is when do you graduate and will your future employeer provide you with a letter that says when your will be employed, your income, the gongevity of the proposed employment, etc. Most of my lenders will require that you have a check from your employer before your first payment is due. Right now that would be Jan.1,2010.

If that job offer is an actual 'contract' then maybe someone like Bank of America will use that as income. They used to do this... I don't know if they still do.

Now, if you have a parent or sibling willing to co-sign then you can qualify on your credit and their income.

Good Luck!!

Gabe, I see you have many answers already and may be a bit confused or overwhelmed. The best way to find out if you're qualified now is to speak to a lender and have them look at your income, debt, etc. Sooner the better, as the $8,000 First Time Home Buyer tax credit ends November 30th. If you'd like, I can refer you to a great lender who can help, at no cost to you. I work with a lot of First Time home buyers and am a Residential Specialist. Also, I do not charge Buyers for my assistance and representation. You can click on my name to the right to see my credentials and contact info. I would be happy to assist you! Joe Jarusinsky, Keller Williams Realty

Without some figures from you, it is difficult to tell for sure, but my guess is that you don't currently earn enough money, tax-free or not, to pay a mortgage or to qualify for one. While tax-free income can be "adjusted" to reflect its non-taxable status qualifying you for a larger mortgage amount, the annual income has to be high enough on its own.

For example, your income might be $1,000 tax-free every month. Your adjusted income may be $1,250, but this qualifies you for only a $60 or 70 k home. If that's what you're looking for -- great. But if you have socked away $25k to buy a $125k house, you'll probably be disappointed.

To qualify for the higher mortgage amount based on income you might get in the future would require a letter of employment that specifies the amount of pay and doesn't contain any weasel wording that you have pass any tests or otherwise qualify to get the job. Typically, no employer offers such letters except to transferees. Once you have started work, you'll need at least 6 months to a year at the higher income level for the underwriter to agree that you actually have the income. Sorry, the promise of a job may sound good, but it is unlikely to convince an underwriter today, operating under the stringent guidelines imposed after the California mortgage meltdown, that your good intentions to have a job are enough.

If you had served overseas with the military, a slightly different answer would be true. You would need a couple of paychecks, not 12 months worth, to show you have a job.

Most likely you need a co-signer who can qualify.

Dear Gabe:

I suggest that you get a pre-approval letter immediately from a reputable mortgage lender. I recommend that you contact Cindy Swannack, President of CS Mortgage on Northland at Mopac immediately. Once you have a pre-app letter then you can enter the game. By having a pre-approval letter to attach to a contract offer, you strengthen your bargaining power with the seller. You should still be in a position to receive the $8,000 First Time Buyer credit from the IRS if you close by November 30th.

Please contact me if you have any questions.

Take care,

Mary Strickler
Prudential

Gabe -- A creative and ethical lender (Robert Harrison 512-771-5218) with a hard-working, and experienced Realtor (Anne Johnson-Cheverere 512-917-5260) will help you. And yes, you can qualify for a home loan. I think it is smart that your wealth building strategy includes a home purchase -- buy well though. Go to http://www.hookemhomes.com.

This is important -- not even George Washington had the opportunity to borrow at the current rates.
The Federal Reserve implemented a mortgage-backed securities buying program to artificially lower rates, and that program is nearing its end. The originally scheduled end date was December 31, 2009. While this deadline has been extended the amount of purchases remains the same, which means the level of participation will wane, decreasing by half as much. Rates will be forced to levels seen before the program started, likely near 6.50% and in short order.

Inflation, while currently contained, is likely to show its ugly head as all the stimulus from Washington continues to pour into the system. The end result will be increasing inflation pressure across the board, which will cause all interest rates to rise.

Gabe,

A good lender can help you .... I work in Arizona, so I probably can't help you (unless your job happens to be here!) ... but here's some general words of wisdom:

- Try to have at least 3 lines of credit for over 1 year in your name in good standing... examples, credit cards, cell phone bill, utility bill, car loan. This establishes your credit. Since your score is already 720, I'm guessing you may already have that!
- If that is the case - having a job lined up - and getting at least 2 paychecks will be extremely beneficial and may be just enough to qualify you to purchase a home

Best wishes...I do have a great lender here in Arizona who can also fund loans in many states - so if you'd like a referral...just send me a note. Do be careful about giving out your Social Security Number to many lenders as each time your credit score is pulled, this is tracked ... if there are too many inquiries and credit pulls within a period of time, this can impact your credit score (and make it go lower...). Many lenders will discuss possibiliies with you if you already have your credit score - but they will need to repull your credit report to make any loan committments...

tax free income still shows up. Keep you checks (photocopy) paystubs etc. That will show you have the income taxable or not.


The economy is not strong now. There have been a lot of people who got a job offer, moved across state lines and then LOST their job in a few weeks, some in even less time. The best solution is to rent for awhile. Do not buy when
1 your job situation could be uncretain (new, last hired first fired)
2 you are not certain as yet you will want to live in the new job location forever.
3 house prices are still very likely to drop more. The overhead of inventory and alt-a is amazing.
4 if you get called up for the guard your income could drop enough you could not make the mortgage payments.

If you wait a little while you are more likely to be a lot more certain of your job. Plus you will get a lot better feel for an area. A friend of mine got hired, then not to many months later lost the job. It only happened because he was the last hired. I would think if you waited at least 6 months you would be able to see if the economy was getting better or worse, see how your particular job and industry look for stability and be able to find more exactly what and where you want to buy. Plus house prices are unlikely to go up much and are likely to drop even more over the next 1-3 years.

Hi Gabe,

I am currently working with a first time home buyer who is in almost the same exact position as you. He is working with a fabulous lender who I am sure could help you as well. I have been a Realtor for 10 years now and have a vast amount of knowledge and experience in helping first time home buyers. Please e-mail me at pamela@kw.com and I would be happy to answer any specific questions you might have.

Thank you!

Pamela Peck
Realtor
Keller Williams Realty
512-609-9877

Hi Gabe,

Congrats on a good credit score and having saved a sizable downpayment! That's a great start. Being in college should not be a huge issue provided you can document reliable income sizeable enough to make the mortgage payments. Whether the income is tax free or not is irrelevant.

What you really need to do is talk to a great lender who is used to working with slightly unusual cases. Since I specialize in helping first time homebuyers I know several who would be great at reviewing your circumstances and letting you know if it possible to your to qualify for a mortgage. Call Rick Baron at HomeTrust Mortgage at 512-422-1949 or Barb Frierson at Land Mortgage at 512-784-7839. They have both helped first time homebuyers that I worked with. If you would like to speak with some of the people they helped before calling them, email me at carol@CARARealtyGroup.com or call me at 512-233-9004 and I will put you in touch with some folks.

Please give me a call or email me if you have any other questions. I'd love to help you get into your first home!

Warm Regards,
Carol

Gabe,
Your credit score is really good and 20% is fabulous!
You may buy a home, depends on the lender. Have you checked with your bank -they have all your deposit history, so this may help to get you a loan. the Job maybe the only issue. If you are overseas and not in the U.S., they extended the 8k tax credit for Military for another year. Check if you qualify and then talk to your bank. there still are some no money down payment homes that will qualify in texas.
I respectfully appreciate your Guard Duty, i have family in the military too
Lori