Home Buying in 19131>Question Details

Debbie, Home Owner in Philadelphia, PA

I recently decided it was time to buy my first home and stop renting, that was before I got laid off. My best

Asked by Debbie, Philadelphia, PA Sun May 31, 2009

friend insist that I continue to look and apply for grants and loan as a first time home buyer, I think it would a waste of time. What do you think I should do?

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Answers

3
Debbie,

Your best friend is wrong. You need to get a job. My suggestion is that you should get a job in the same line of business than your previous job if possible. That would give the Lender a strong indication that you have experience in that line of business. Without a salary, how are you going to be paying your mortgage every month?

Isaac Bensussen
2 votes Thank Flag Link Sun May 31, 2009
Debbie
You absolutely need to have a job to qualify for a mortgage. My best advice is to get another job in the same industry asap if you can. A lender most likely will not question if you have a little time lasp as long as you get another job doing relatively the same thing and relatively the same salary/hourly pay.
It would be a waste of your time to look for homes before you find a job, no only for you but for your agent.
Spend your time now on the job and look after you have secured a steady job.

Did you know there are only 6 months left until the Free $8,000 tax credit expires?
Start looking NOW – the average homebuyer takes 2-3 months to find and settle on a home
The deadline to settle is November 30th 2009—do your friends a favor, tell them to call us today

Carmel Archdekin
REALTOR
Coldwell Banker Preferred
223-225 Market Street
Philadelphia PA 19106
Office: 215.923.7600
Cell: 215.680.5998
EFax: 215.940.8207
http://www.cbpref.com
WINNER OF 2008 COLDWELL BANKER ACHIEVERS SOCIETY AWARD
1 vote Thank Flag Link Mon Jun 8, 2009
Unfortunately,if you do not have an income at this time,you will not be able to get financing. You have to ha ve some means of paying the monthly note,taxes & insurance. Although there are some programs which provide down payment assistance,you will still need the required credit score,work history income & acceptable debt to income ratio. And the down payment assistance usually has to be paid back,although usually without interest.
0 votes Thank Flag Link Sun May 31, 2009
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