Home Buying in 98642>Question Details

Ryan Allred, Home Buyer in Ridgefield, WA

Is it possible to get a loan with a future employment contract? I have been in school for 9 years and have a

Asked by Ryan Allred, Ridgefield, WA Tue Mar 17, 2009

I have been in school for 9 years and have a job starting in July, I do not have much in the way of past income, but will be making a good salary starting in July and would like to buy a home.

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Brad Fix’s answer
Hi Ryan it is good to start the proccess and you might want to start looking now to get a good idea of what is important to you. location style ect then when you qualify you will be able to narrow your search you might be able to do a lease option if you find something you really like and the seller agrees. good luck Brad Fix
0 votes Thank Flag Link Fri Jan 1, 2010
Most lenders will require that you have worked through any probationary period and of course this assumes you are employed in the same field as your studies. You may need to get a little savings under your belt since you mention past income. Although Ridgefield and outlying areas (if that is where you are shopping) are usually located within the USDA rural boundaries which will allow 100% financing. By any means savings is a good thing to have when purchasing this assures the lender you have something to fall back on if you lose your income.

Feel free to contact me if I can be of any further assistance. Good Luck!
0 votes Thank Flag Link Tue Mar 17, 2009
Ryan

Every lender I have dealt with has wanted you to at least start the job befor closing and many want you to get the first paycheck. July is not that far away start the house hunt and plan on a July closing

Good Luck and Congatulations on the job
0 votes Thank Flag Link Tue Mar 17, 2009
July is not that far off, Ryan. Get pre-approved by a lender, they'll probably just condition your approval on starting your job before closing. You can be visiting homes with your agent in April/May, getting under contract in June, and closing in July when your job starts.
Web Reference: http://SeattleHome.com
0 votes Thank Flag Link Tue Mar 17, 2009
Hi Ryan,
To qualify for a mortgage, you have to demonstrate the ABILITY to make the payments. If you start working in July, you likely won't begin getting paid until late July/early August. For now, you probably wouldnt be able to get a loan unless you had a qualified co-signer, however if you are looking at homes closer to your start date you may have a better chance.

Best of luck
Tony
0 votes Thank Flag Link Tue Mar 17, 2009
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